Zacks Investment Research upgraded shares of WageWorks Inc. (NYSE:WAGE) from a strong sell rating to a hold rating in a research note published on Wednesday.
According to Zacks, “WageWorks, Inc. is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States. The Company administers and operates an array of CDBs, including spending account management programs, such as health and dependent care flexible spending accounts, health savings accounts, health reimbursement arrangements and commuter benefits, such as transit and parking programs. The Company delivers its CDB programs through a benefits-as-a-service delivery model. WageWorks, Inc. is headquartered in San Mateo, California. “
A number of other research analysts have also weighed in on the company. JMP Securities restated a buy rating on shares of WageWorks in a research report on Wednesday, August 31st. Needham & Company LLC restated a buy rating and set a $65.00 price objective (up previously from $60.00) on shares of WageWorks in a research report on Thursday, August 11th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. WageWorks has a consensus rating of Buy and an average target price of $64.14.
Shares of WageWorks (NYSE:WAGE) opened at 61.05 on Wednesday. The company’s 50 day moving average price is $61.98 and its 200-day moving average price is $58.16. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 100.08 and a beta of 0.92. WageWorks has a 1-year low of $38.99 and a 1-year high of $65.43.
WageWorks (NYSE:WAGE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.02. The business had revenue of $87.70 million for the quarter, compared to analysts’ expectations of $87.42 million. WageWorks had a return on equity of 10.39% and a net margin of 6.58%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the firm earned $0.28 earnings per share. On average, equities analysts forecast that WageWorks will post $1.40 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Group LTD raised its position in shares of WageWorks by 22.3% in the first quarter. BlackRock Group LTD now owns 47,123 shares of the company’s stock valued at $2,385,000 after buying an additional 8,580 shares during the period. GW&K Investment Management LLC raised its position in shares of WageWorks by 16.1% in the second quarter. GW&K Investment Management LLC now owns 376,979 shares of the company’s stock valued at $22,547,000 after buying an additional 52,358 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of WageWorks during the first quarter valued at about $237,000. JPMorgan Chase & Co. raised its position in shares of WageWorks by 81.7% in the first quarter. JPMorgan Chase & Co. now owns 106,183 shares of the company’s stock valued at $5,374,000 after buying an additional 47,730 shares during the period. Finally, Suntrust Banks Inc. raised its position in shares of WageWorks by 1.0% in the second quarter. Suntrust Banks Inc. now owns 7,754 shares of the company’s stock valued at $462,000 after buying an additional 76 shares during the period.
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act and other employee benefits.