Wageworks (NYSE:WAGE) Shares Gap Down to $51.65

Wageworks Inc (NYSE:WAGE) gapped down prior to trading on Thursday . The stock had previously closed at $52.70, but opened at $51.65. Wageworks shares last traded at $50.92, with a volume of 9,807,480 shares.

A number of research firms have recently weighed in on WAGE. Zacks Investment Research reissued a “hold” rating on shares of Wageworks in a report on Saturday, June 22nd. JMP Securities cut Wageworks from an “outperform” rating to a “market perform” rating in a report on Friday. William Blair cut Wageworks from an “outperform” rating to a “market perform” rating in a report on Thursday. Wells Fargo & Co cut Wageworks from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $45.00 to $50.00 in a report on Tuesday, May 7th. Finally, SunTrust Banks upped their target price on Wageworks to $57.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average target price of $55.67.

The firm has a market cap of $2.03 billion, a PE ratio of 62.10 and a beta of 1.54. The business’s 50 day simple moving average is $50.63. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.37.

A number of institutional investors have recently added to or reduced their stakes in WAGE. Private Advisors LLC purchased a new position in Wageworks in the first quarter valued at about $248,000. Granite Investment Partners LLC boosted its holdings in Wageworks by 92.9% in the first quarter. Granite Investment Partners LLC now owns 36,358 shares of the business services provider’s stock valued at $1,373,000 after purchasing an additional 17,507 shares during the last quarter. Elk Creek Partners LLC boosted its holdings in Wageworks by 7.8% in the first quarter. Elk Creek Partners LLC now owns 566,691 shares of the business services provider’s stock valued at $21,398,000 after purchasing an additional 41,078 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new position in Wageworks in the first quarter valued at about $654,000. Finally, CIBC Private Wealth Group LLC raised its stake in Wageworks by 14.5% during the first quarter. CIBC Private Wealth Group LLC now owns 17,568 shares of the business services provider’s stock valued at $663,000 after buying an additional 2,220 shares in the last quarter. Hedge funds and other institutional investors own 98.75% of the company’s stock.

Wageworks Company Profile (NYSE:WAGE)

WageWorks, Inc is a leader in administering Consumer-Directed Benefits (CDBs). WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits.

Read More: Guidelines for Successful Channel Trading

Receive News & Ratings for Wageworks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wageworks and related companies with MarketBeat.com's FREE daily email newsletter.