WageWorks, Inc. (NYSE:WAGE) posted its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by $0.11, Morningstar.com reports. The company had revenue of $119.90 million during the quarter, compared to analysts’ expectations of $119.18 million. WageWorks had a return on equity of 9.52% and a net margin of 9.60%. WageWorks’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. WageWorks updated its FY17 guidance to $1.70-1.75 EPS and its Q3 guidance to $0.38-0.41 EPS.
Shares of WageWorks (NYSE WAGE) traded up 0.43% during trading on Friday, reaching $58.25. The company’s stock had a trading volume of 302,911 shares. The stock’s 50 day moving average price is $62.87 and its 200 day moving average price is $70.24. The company has a market cap of $2.31 billion, a PE ratio of 53.20 and a beta of 0.86. WageWorks has a 52 week low of $55.65 and a 52 week high of $80.50.
A number of research firms recently commented on WAGE. BidaskClub downgraded WageWorks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 14th. TheStreet upgraded WageWorks from a “c+” rating to a “b” rating in a report on Friday, May 5th. Zacks Investment Research upgraded WageWorks from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a report on Wednesday, May 10th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $85.00 price objective on shares of WageWorks in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $80.04.
In other news, COO Edgar O. Montes sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the sale, the chief operating officer now owns 71,895 shares in the company, valued at approximately $4,978,728.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joseph L. Jackson sold 495,148 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total value of $34,288,999.00. Following the sale, the chief executive officer now owns 103,363 shares in the company, valued at approximately $7,157,887.75. The disclosure for this sale can be found here. Corporate insiders own 3.54% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Guggenheim Capital LLC bought a new stake in WageWorks during the fourth quarter worth $2,094,000. AQR Capital Management LLC increased its stake in shares of WageWorks by 27.8% in the fourth quarter. AQR Capital Management LLC now owns 13,902 shares of the business services provider’s stock valued at $1,008,000 after buying an additional 3,026 shares in the last quarter. Norges Bank acquired a new stake in shares of WageWorks during the fourth quarter valued at $22,315,000. Teachers Advisors LLC increased its stake in shares of WageWorks by 9.9% in the fourth quarter. Teachers Advisors LLC now owns 276,267 shares of the business services provider’s stock valued at $20,029,000 after buying an additional 24,981 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of WageWorks by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the business services provider’s stock valued at $1,092,000 after buying an additional 400 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
WageWorks Company Profile
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 (COBRA) and other employee benefits.
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