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WAGE

Bought by HQY

$37.64

-0.3 (-0.79%)

17:33
03/25/19
03/25
17:33
03/25/19
17:33

WageWorks discloses NYSE notice regarding delayed 10-K filing

WageWorks provided an update regarding its Form 10-K for FY18. As reported by WageWorks in its Form 12b-25 filed with the SEC on February 28, 2019, the company was unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expired on March 18, 2019. The company continues to work diligently to complete the preparation of its consolidated financial statements in order to be in a position to file its Form 10-K for the fiscal year ended December 31, 2018 with the SEC as soon as possible, but in any event no later than May 2019. The company expects to file its Form 10-Q for the quarter ended March 30, 2019 in June 2019. In summary, the company anticipates achieving compliance with the periodic and annual report requirements in June 2019 at the latest. The company also announced that, as expected, it has received a notice from the NYSE indicating that the it is not in compliance with the NYSE's continued listing requirements under the timely filing criteria.

WAGE Bought by HQY
$37.64

-0.3 (-0.79%)

03/08/19
WELS
03/08/19
UPGRADE
Target $45
WELS
Outperform
WageWorks upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jamie Stockton upgraded WageWorks to Outperform from Market Perform with a $45 price target. In a research note to investors, Stockton says he believes WageWorks will get its financials restated reasonably soon, and this restatement should not materially affect estimates. With the stock trading for under 7x 2019E EV/EBITDA vs. historical comps, Stockton says the risk/reward over the next 12 months seems favorable.
03/08/19
03/08/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Horizon Pharma (HZNP) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger citing the stock's 6% slide on March 5 due to its disclosure of the receipt of a civil investigative demand from the DOJ, noting that management responded by conveying high confidence in the company's legal compliance. 2. SeaWorld (SEAS) upgraded to Outperform from Neutral at Macquarie. 3. Buckeye Partners (BPL) upgraded to Buy from Neutral at UBS with analyst Shneur Gershuni saying after reviewing the company's annual report, the analyst sees better leverage metrics for Buckeye relative to what he previously thought. 4. WageWorks (WAGE) upgraded to Outperform from Market Perform at Wells Fargo with analyst Jamie Stockton saying he believes WageWorks will get its financials restated reasonably soon, and this restatement should not materially affect estimates. 5. BCE (BCE) upgraded to Buy from Hold at Argus with analyst John Eade citing the company's position as the largest communications entity in Canada and his expectations of consistent income for investors. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/19/19
STFL
03/19/19
NO CHANGE
Target $44
STFL
Buy
WageWorks consensus estimates were 'overly optimistic,' says Stifel
Stifel analyst David Grossman said he "would not read much into" the afterhours pullback in WageWorks shares after the company released its backdated Form 10Q's and updated guidance, stating that he believes consensus estimates were overly optimistic and noting that the stock had run up more than 35% into the call. WageWorks guided to flat 2018 revenue and EBITDA being flat to down 2%, which Grossman said is slightly below previous guidance, but largely in-line with expectations. The company's 2019 revenue guidance of flat to up 3% was in line with consensus, though its view of EBITDA flat to down 15% was below consensus, noted the analyst. Grossman believes the stock is at an attractive entry point now that estimates have been reset and he keeps a Buy rating and $44 price target on WageWorks shares.
03/19/19
WBLR
03/19/19
NO CHANGE
WBLR
Outperform
WageWorks accounting restatements in-line with disclosures, says William Blair
WageWorks' accounting restatements were in-line with prior disclosures, and management plans to file its 2018 annual report by Q1 and its quarterly report within the normal timeframe for the first quarter, William Blair analyst Robert Napoli tells investors in a research note. Further, management provided medium-term growth rate objectives that were generally in line with expectations, adds the analyst. He views the 2019 guidance as mixed relative to expectations, since revenue was better but margins were lower. Napoli continues to believe that WageWorks remains a leader in the "secularly attractive" market of administering consumer benefits and is "uniquely" positioned to benefit from the secular shift toward consumer directed healthcare. He keeps an Outperform rating on the shares.

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