Burney Co. Reduces Position in WEX Inc. (NYSE:WEX)

Burney Co. lessened its holdings in shares of WEX Inc. (NYSE:WEX) by 42.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,420 shares of the business services provider’s stock after selling 12,212 shares during the period. Burney Co.’s holdings in WEX were worth $3,900,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in shares of WEX in the 4th quarter valued at approximately $27,000. Rise Advisors LLC purchased a new stake in shares of WEX in the 1st quarter valued at approximately $29,000. Principal Securities Inc. purchased a new stake in shares of WEX in the 4th quarter valued at approximately $31,000. Covestor Ltd grew its stake in shares of WEX by 233.9% in the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider’s stock valued at $44,000 after buying an additional 131 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of WEX in the 1st quarter valued at approximately $60,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Insider Activity

In related news, CFO Jagtar Narula sold 540 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $190.00, for a total value of $102,600.00. Following the transaction, the chief financial officer now directly owns 7,628 shares of the company’s stock, valued at approximately $1,449,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other WEX news, insider Melanie J. Tinto sold 1,564 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $185.04, for a total transaction of $289,402.56. Following the transaction, the insider now directly owns 8,461 shares of the company’s stock, valued at approximately $1,565,623.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jagtar Narula sold 540 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total transaction of $102,600.00. Following the transaction, the chief financial officer now directly owns 7,628 shares in the company, valued at $1,449,320. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,644 shares of company stock worth $489,203. 1.10% of the stock is currently owned by corporate insiders.

WEX Stock Down 3.8 %

Shares of WEX traded down $6.78 during midday trading on Friday, reaching $173.39. The stock had a trading volume of 485,186 shares, compared to its average volume of 412,195. WEX Inc. has a 1-year low of $161.95 and a 1-year high of $244.04. The company’s fifty day simple moving average is $179.53 and its two-hundred day simple moving average is $205.17. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.07 and a beta of 1.54. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.03 and a quick ratio of 1.03.

Wall Street Analysts Forecast Growth

WEX has been the subject of several analyst reports. Robert W. Baird increased their price target on shares of WEX from $272.00 to $285.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods decreased their price objective on shares of WEX from $275.00 to $230.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. William Blair upgraded shares of WEX to a “strong-buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. decreased their price objective on shares of WEX from $246.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Finally, Barclays upped their price objective on shares of WEX from $255.00 to $280.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $240.42.

About WEX

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.