FleetCor Technologies, Inc. (NYSE:FLT) posted its earnings results on Wednesday. The business services provider reported $2.18 EPS for the quarter, beating the Zacks’ consensus estimate of $2.14 by $0.04, Bloomberg Earnings reports. The firm had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. FleetCor Technologies had a net margin of 25.66% and a return on equity of 21.23%. The company’s revenue was up 19.3% on a year-over-year basis. During the same period last year, the firm posted $1.92 EPS. FleetCor Technologies updated its FY17 guidance to $8.38-$8.48 EPS.

A number of research firms recently commented on FLT. Citigroup Inc. increased their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer Holdings, Inc. increased their target price on shares of FleetCor Technologies from $185.00 to $194.00 and gave the company an “outperform” rating in a research report on Thursday. Morgan Stanley increased their target price on shares of FleetCor Technologies from $189.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays PLC increased their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a hold rating, fourteen have assigned 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 $184.23.

FleetCor Technologies declared that its Board of Directors has initiated a stock buyback program on Thursday, August 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

In other FleetCor Technologies news, CEO Andrew Blazye sold 2,442 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $144.00, for a total transaction of $351,648.00. Following the completion of the sale, the chief executive officer now owns 24,766 shares in the company, valued at $3,566,304. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 15,758 shares of company stock valued at $2,274,115. 4.30% of the stock is owned by insiders.

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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.

Earnings History for FleetCor Technologies (NYSE:FLT)

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