Zacks Investment Research lowered shares of WageWorks, Inc. (NYSE:WAGE) from a hold rating to a strong sell rating in a research report released on Tuesday morning.

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. “

WAGE has been the topic of a number of other research reports. BidaskClub downgraded WageWorks from a sell rating to a strong sell rating in a research report on Wednesday, June 14th. Stifel Nicolaus restated a buy rating and issued a $85.00 target price on shares of WageWorks in a research report on Monday, July 17th. Finally, TheStreet upgraded WageWorks from a c+ rating to a b rating in a research report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $78.37.

WageWorks (WAGE) traded down 0.17% during trading on Tuesday, hitting $57.85. The stock had a trading volume of 360,916 shares. The company’s 50 day moving average is $65.83 and its 200-day moving average is $71.22. The company has a market cap of $2.30 billion, a PE ratio of 52.83 and a beta of 0.86. WageWorks has a 12 month low of $55.65 and a 12 month high of $80.50.

WageWorks (NYSE:WAGE) last posted its earnings results on Tuesday, August 1st. The business services provider reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.42 by $0.11. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The business had revenue of $119.90 million during the quarter, compared to analysts’ expectations of $119.18 million. During the same quarter in the prior year, the firm earned $0.36 EPS. WageWorks’s revenue for the quarter was up 36.7% compared to the same quarter last year. On average, equities research analysts predict that WageWorks will post $1.75 earnings per share for the current year.

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In other news, COO Edgar O. Montes sold 50,000 shares of WageWorks stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total value of $3,462,500.00. Following the completion of the sale, the chief operating officer now directly owns 71,895 shares of the company’s stock, valued at $4,978,728.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph L. Jackson sold 495,148 shares of WageWorks stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $34,288,999.00. Following the completion of the sale, the chief executive officer now directly owns 103,363 shares of the company’s stock, valued at $7,157,887.75. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.

Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of WageWorks by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,585 shares of the business services provider’s stock worth $107,000 after buying an additional 139 shares during the last quarter. First Mercantile Trust Co. boosted its stake in shares of WageWorks by 20.7% in the second quarter. First Mercantile Trust Co. now owns 1,925 shares of the business services provider’s stock worth $129,000 after buying an additional 330 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of WageWorks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock worth $132,000 after buying an additional 134 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of WageWorks by 86.1% in the first quarter. LS Investment Advisors LLC now owns 2,637 shares of the business services provider’s stock worth $191,000 after buying an additional 1,220 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of WageWorks during the first quarter worth $200,000. 96.28% of the stock is owned by institutional investors and hedge funds.

About WageWorks

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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