FLEETCOR Technologies (NYSE:FLT) Updates FY 2022 Earnings Guidance

FLEETCOR Technologies (NYSE:FLT – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $15.45-$15.75 for the period, compared to the consensus earnings per share estimate of $15.49. The company issued revenue guidance of $3.33 billion-$3.38 billion, compared to the consensus revenue estimate of $3.26 billion.FLEETCOR Technologies also updated its Q2 2022 guidance to $3.80-$3.90 EPS.

FLT traded down $6.58 during trading on Monday, hitting $227.01. The stock had a trading volume of 9,964 shares, compared to its average volume of 575,104. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.04 and a current ratio of 1.01. The firm has a market capitalization of $17.56 billion, a P/E ratio of 22.06, a PEG ratio of 1.03 and a beta of 1.22. The company’s 50-day moving average price is $244.31 and its 200 day moving average price is $235.98. FLEETCOR Technologies has a twelve month low of $200.78 and a twelve month high of $282.02.

FLEETCOR Technologies (NYSE:FLT – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The business services provider reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.53 by $0.12. The company had revenue of $789.20 million for the quarter, compared to analysts’ expectations of $756.56 million. FLEETCOR Technologies had a net margin of 28.97% and a return on equity of 34.88%. FLEETCOR Technologies’s revenue was up 29.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.66 EPS. As a group, equities analysts expect that FLEETCOR Technologies will post 14.45 earnings per share for the current fiscal year.

Several equities analysts have issued reports on FLT shares. Barclays boosted their price objective on shares of FLEETCOR Technologies from $306.00 to $312.00 and gave the company an overweight rating in a research note on Thursday, April 14th. StockNews.com started coverage on shares of FLEETCOR Technologies in a report on Thursday, March 31st. They issued a hold rating on the stock. Mizuho raised their target price on shares of FLEETCOR Technologies from $255.00 to $275.00 and gave the company a neutral rating in a research note on Wednesday, February 16th. Morgan Stanley decreased their target price on shares of FLEETCOR Technologies from $275.00 to $265.00 and set an equal weight rating for the company in a research note on Wednesday, February 9th. Finally, Truist Financial upped their target price on FLEETCOR Technologies from $280.00 to $290.00 in a research report on Monday, May 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $290.71.

Several hedge funds and other institutional investors have recently modified their holdings of FLT. KB Financial Partners LLC bought a new stake in FLEETCOR Technologies in the 4th quarter valued at $26,000. Covestor Ltd raised its holdings in FLEETCOR Technologies by 253.1% in the 1st quarter. Covestor Ltd now owns 113 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 81 shares in the last quarter. Lazard Asset Management LLC acquired a new position in FLEETCOR Technologies in the 1st quarter valued at $35,000. Albion Financial Group UT acquired a new position in FLEETCOR Technologies in the 4th quarter valued at $39,000. Finally, Neo Ivy Capital Management raised its holdings in shares of FLEETCOR Technologies by 923.5% during the 4th quarter. Neo Ivy Capital Management now owns 174 shares of the business services provider’s stock worth $39,000 after buying an additional 157 shares in the last quarter. Institutional investors own 97.44% of the company’s stock.

About FLEETCOR Technologies (Get Rating)

FLEETCOR Technologies, Inc provides digital payment solutions for businesses to control purchases and make payments. It offers corporate payments solutions, such as accounts payable automation; Virtual Card, which provides a single-use card number for a specific amount usable within a defined timeframe; Cross-Border that is used by its customers to pay international vendors, foreign office and personnel expenses, capital expenditures, and profit repatriation and dividends; and purchasing cards and travel and entertainment cards for its customers to analyze and manage their corporate spending.

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