FleetCor Technologies, Inc. (FLT) PT Raised to $200.00
FleetCor Technologies, Inc. (NYSE:FLT) had its target price hoisted by Citigroup Inc. from $180.00 to $200.00 in a report released on Thursday. The brokerage presently has a “buy” rating on the business services provider’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 11.86% from the company’s previous close.
FLT has been the topic of several other research reports. William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Zacks Investment Research lowered FleetCor Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. BidaskClub raised FleetCor Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Keefe, Bruyette & Woods set a $202.00 price target on FleetCor Technologies and gave the company a “buy” rating in a research note on Monday, August 7th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $185.00 price target on shares of FleetCor Technologies in a research note on Tuesday, September 26th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. FleetCor Technologies has an average rating of “Buy” and an average target price of $184.23.
Shares of FleetCor Technologies (NYSE FLT) traded down $3.51 during trading on Thursday, hitting $178.80. The stock had a trading volume of 1,214,921 shares, compared to its average volume of 906,125. The firm has a market cap of $16,013.15, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 1.31 and a beta of 1.50. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.84 and a current ratio of 0.84.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.04. FleetCor Technologies had a return on equity of 21.23% and a net margin of 25.66%. The business had revenue of $577.90 million for the quarter, compared to analyst estimates of $576.78 million. During the same quarter in the prior year, the company posted $1.92 EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. research analysts forecast that FleetCor Technologies will post 7.74 earnings per share for the current year.
FleetCor Technologies declared that its board has initiated a stock buyback program on Thursday, August 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the business services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, CEO Andrew Blazye sold 4,963 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $145.00, for a total transaction of $719,635.00. Following the transaction, the chief executive officer now owns 27,287 shares of the company’s stock, valued at approximately $3,956,615. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 15,758 shares of company stock worth $2,274,115. 4.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of FLT. Capital Research Global Investors raised its position in FleetCor Technologies by 156.8% in the 2nd quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock valued at $775,419,000 after purchasing an additional 3,283,010 shares in the last quarter. Steadfast Capital Management LP raised its position in FleetCor Technologies by 251.4% in the 2nd quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock valued at $295,590,000 after purchasing an additional 1,466,464 shares in the last quarter. FMR LLC raised its position in FleetCor Technologies by 50.4% in the 2nd quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock valued at $573,905,000 after purchasing an additional 1,334,164 shares in the last quarter. Tiger Global Management LLC raised its position in FleetCor Technologies by 62.8% in the 2nd quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock valued at $328,622,000 after purchasing an additional 879,049 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in FleetCor Technologies by 132.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,296,851 shares of the business services provider’s stock valued at $187,025,000 after purchasing an additional 737,854 shares in the last quarter. 97.64% of the stock is currently owned by institutional investors.
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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