Stock Market Watch

WageWorks Shares Rally on Q1 Guidance (WAGE)

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Shares of WageWorks Inc. (NYSE: WAGE) skyrocketed about 15% on Friday after the Company provided upbeat revenue and earnings guidance for the fiscal first quarter.

For the fiscal first quarter, Wageworks is expecting adjusted/non-GAAP earnings of 20 cents a share, up from 12 cents a share, in the year-earlier quarter. Revenue for the period soared 26.6% to $56.10 million.

Analysts’ most recent consensus estimate was for earnings of 16 cents a share on revenue of $54.50 million.

For the full-year fiscal Wall Street analysts are expecting earnings of 63 cents a share.

Meanwhile analysts at Needham & Company raised their price target on the stock to $30.00 from $26.00. The firm current keeps “buy” rating on the stock.

Earlier on March 15th analysts at JMP Securities lifted their price target on the stock to $29.00 from $24.00. The firm holds “market- perform” rating on the stock.

Commenting over the Company’s performance WageWorks’ CEO Joe Jackson said, “WageWorks experienced strong results in the first quarter of 2013, as we continue to execute on our growth strategy”.

“Our unique dedication to pretax health and commuter benefits positions WageWorks well for continued growth, as these cost savings strategies are top of mind for employers, employees and their families”, added the CEO.

The San Mateo, California-based Company is a provider of tax-advantaged spending accounts for health and dependent care, and commuting. Its product-line includes health reimbursement (HRA), health savings (HSA), and COBRA and commuter accounts.

 

 

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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