Allspring Global Investments Holdings LLC lessened its holdings in shares of WEX Inc. (NYSE:WEX – Get Rating) by 55.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,382 shares of the business services provider's stock after selling 3,011 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in WEX were worth $302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Martin & Co. Inc. TN grew its position in shares of WEX by 2.9% during the 3rd quarter. Martin & Co. Inc. TN now owns 17,243 shares of the business services provider's stock valued at $2,189,000 after buying an additional 480 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in WEX during the 3rd quarter valued at about $271,000. Truist Financial Corp boosted its stake in WEX by 14.6% during the 3rd quarter. Truist Financial Corp now owns 1,942 shares of the business services provider's stock valued at $247,000 after purchasing an additional 248 shares during the period. Wipfli Financial Advisors LLC acquired a new position in WEX during the 3rd quarter valued at about $43,000. Finally, HM Payson & Co. boosted its stake in WEX by 4.6% during the 3rd quarter. HM Payson & Co. now owns 20,844 shares of the business services provider's stock valued at $2,646,000 after purchasing an additional 925 shares during the period. Institutional investors own 98.65% of the company's stock.

Insider Activity at WEX

In related news, insider Hilary A. Rapkin sold 5,270 shares of the stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total transaction of $922,250.00. Following the completion of the sale, the insider now directly owns 12,203 shares of the company's stock, valued at $2,135,525. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Hilary A. Rapkin sold 5,270 shares of the business's stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total transaction of $922,250.00. Following the sale, the insider now owns 12,203 shares in the company, valued at $2,135,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James R. Groch purchased 1,400 shares of the business's stock in a transaction dated Thursday, November 3rd. The shares were purchased at an average price of $151.25 per share, for a total transaction of $211,750.00. Following the acquisition, the director now directly owns 8,465 shares of the company's stock, valued at $1,280,331.25. The disclosure for this purchase can be found here. Insiders sold a total of 12,426 shares of company stock valued at $2,102,480 over the last ninety days. Insiders own 1.00% of the company's stock.

WEX Stock Up 0.4 %

WEX (NYSE:WEX – Get Rating) last released its earnings results on Thursday, October 27th. The business services provider reported $3.01 EPS for the quarter, missing the consensus estimate of $3.12 by ($0.11). WEX had a net margin of 4.53% and a return on equity of 27.73%. The business had revenue of $616.13 million for the quarter, compared to analyst estimates of $590.54 million. Equities research analysts forecast that WEX Inc. will post 11.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WEX has been the subject of a number of analyst reports. Truist Financial boosted their target price on shares of WEX from $170.00 to $190.00 and gave the company a "hold" rating in a research note on Friday, January 20th. Robert W. Baird boosted their target price on shares of WEX from $170.00 to $180.00 in a research note on Friday, October 28th. Barclays reduced their price target on shares of WEX from $213.00 to $209.00 and set an "overweight" rating for the company in a research note on Monday. Morgan Stanley upped their price target on shares of WEX from $148.00 to $157.00 and gave the stock an "equal weight" rating in a research note on Friday, October 28th. Finally, Bank of America reduced their price target on shares of WEX from $225.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, October 20th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, WEX currently has a consensus rating of "Moderate Buy" and an average target price of $192.42.

WEX Profile

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WEX Inc provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.

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