Wageworks (WAGE) Downgraded by Zacks Investment Research to “Hold”
Wageworks (NYSE:WAGE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
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. “
Other research analysts have also recently issued research reports about the company. Wells Fargo & Co set a $45.00 price target on Wageworks and gave the stock a “hold” rating in a research note on Tuesday, October 16th. JMP Securities upgraded Wageworks from a “market perform” rating to an “outperform” rating and set a $29.48 price target on the stock in a research note on Monday, December 10th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $51.90.
Large investors have recently added to or reduced their stakes in the stock. Paradigm Asset Management Co. LLC acquired a new position in shares of Wageworks in the third quarter worth about $36,000. Verition Fund Management LLC acquired a new stake in Wageworks during the third quarter valued at approximately $241,000. Riverhead Capital Management LLC raised its stake in Wageworks by 41.5% during the third quarter. Riverhead Capital Management LLC now owns 6,139 shares of the business services provider’s stock valued at $262,000 after buying an additional 1,800 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Wageworks by 5,857.8% during the third quarter. Tower Research Capital LLC TRC now owns 6,911 shares of the business services provider’s stock valued at $296,000 after buying an additional 6,795 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in Wageworks by 215.4% during the third quarter. Pacer Advisors Inc. now owns 8,597 shares of the business services provider’s stock valued at $368,000 after buying an additional 5,871 shares in the last quarter.
Wageworks Company Profile
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.
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