FleetCor Technologies, Inc. (FLT) Trading Up 9% After Analyst Upgrade
FleetCor Technologies, Inc. (NYSE:FLT)’s share price was up 9% during mid-day trading on Friday after Barclays PLC raised their price target on the stock from $180.00 to $200.00. Barclays PLC currently has an overweight rating on the stock. FleetCor Technologies traded as high as $183.61 and last traded at $179.10. Approximately 760,169 shares were traded during trading, a decline of 16% from the average daily volume of 906,125 shares. The stock had previously closed at $164.31.
Several other brokerages have also recently issued reports on FLT. Oppenheimer Holdings, Inc. lifted their price target on FleetCor Technologies from $185.00 to $194.00 and gave the company an “outperform” rating in a research report on Thursday. Credit Suisse Group reiterated an “outperform” rating on shares of FleetCor Technologies in a research report on Tuesday, September 5th. Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Monday, October 9th. Citigroup Inc. lifted their price target on FleetCor Technologies from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Morgan Stanley raised their price objective on FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. FleetCor Technologies has an average rating of “Buy” and an average price target of $184.23.
In other news, CEO Andrew Blazye sold 4,963 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $145.00, for a total value of $719,635.00. Following the completion of the sale, the chief executive officer now owns 27,287 shares of the company’s stock, valued at $3,956,615. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 15,758 shares of company stock valued at $2,274,115. 4.30% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of FleetCor Technologies by 6.7% in 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 buying an additional 474,254 shares during the period. Capital Research Global Investors boosted its position in shares of FleetCor Technologies by 156.8% in 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 buying an additional 3,283,010 shares during the period. FMR LLC boosted its position in shares of FleetCor Technologies by 50.4% in the second quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock worth $573,905,000 after buying an additional 1,334,164 shares during the period. Tiger Global Management LLC boosted its position in shares of FleetCor Technologies by 62.8% in 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 buying an additional 879,049 shares during the period. Finally, Steadfast Capital Management LP boosted its position in shares of FleetCor Technologies by 251.4% in 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 buying an additional 1,466,464 shares during the period. 97.64% of the stock is owned by institutional investors and hedge funds.
The company has a market cap of $16,327.49, a PE ratio of 24.67 and a beta of 1.50.
FleetCor Technologies (NYSE:FLT) last issued its earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.14 by $0.04. The business had revenue of $577.90 million during the quarter, compared to analysts’ expectations of $576.78 million. FleetCor Technologies had a return on equity of 21.23% and a net margin of 25.66%. FleetCor Technologies’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.92 earnings per share. research analysts anticipate that FleetCor Technologies, Inc. will post 7.74 EPS for the current fiscal year.
FleetCor Technologies announced that its Board of Directors has initiated a stock buyback program on Thursday, August 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
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FleetCor Technologies Company Profile
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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