FleetCor Technologies (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $228.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.98% from the company’s previous close.
According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “
A number of other equities analysts have also commented on the stock. Morgan Stanley boosted their price objective on shares of FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. SunTrust Banks set a $180.00 price objective on shares of FleetCor Technologies and gave the stock a “buy” rating in a report on Tuesday, October 24th. Deutsche Bank boosted their price objective on shares of FleetCor Technologies from $185.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, December 5th. Oppenheimer boosted their price objective on shares of FleetCor Technologies from $185.00 to $194.00 and gave the stock an “outperform” rating in a report on Thursday, November 2nd. Finally, Barclays upped their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, November 2nd. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. FleetCor Technologies has an average rating of “Buy” and a consensus price target of $194.85.
FleetCor Technologies (FLT) opened at $201.80 on Wednesday. FleetCor Technologies has a 1-year low of $121.52 and a 1-year high of $206.20. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $18,070.00, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 1.27 and a beta of 1.53.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings data on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.04. FleetCor Technologies had a net margin of 25.66% and a return on equity of 20.99%. The firm had revenue of $577.90 million for the quarter, compared to analyst estimates of $576.78 million. During the same quarter in the previous year, the business posted $1.92 EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. equities analysts expect that FleetCor Technologies will post 7.76 earnings per share for the current fiscal year.
In other news, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the sale, the insider now owns 9,246 shares in the company, valued at approximately $1,571,820. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.60% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in FleetCor Technologies by 6.7% during the second quarter. Vanguard Group Inc. now owns 7,565,263 shares of the business services provider’s stock worth $1,090,988,000 after acquiring an additional 474,254 shares during the period. Capital Research Global Investors raised its stake in FleetCor Technologies by 156.8% during the second quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock worth $775,419,000 after acquiring an additional 3,283,010 shares during the period. FMR LLC raised its stake in FleetCor Technologies by 50.4% during the second quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock worth $573,905,000 after acquiring an additional 1,334,164 shares during the period. Tiger Global Management LLC raised its stake in FleetCor Technologies by 62.8% during the second quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock worth $328,622,000 after acquiring an additional 879,049 shares during the period. Finally, Steadfast Capital Management LP raised its stake in FleetCor Technologies by 251.4% during the second quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock worth $295,590,000 after acquiring an additional 1,466,464 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.
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About FleetCor Technologies
FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.
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