FLEETCOR Technologies (NYSE:FLT) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of FLEETCOR Technologies (NYSE:FLT) from a hold rating to a buy rating in a report issued on Wednesday.

Several other brokerages also recently commented on FLT. Barclays lifted their target price on shares of FLEETCOR Technologies from $270.00 to $322.00 and gave the stock an overweight rating in a report on Monday, August 14th. Jefferies Financial Group increased their target price on FLEETCOR Technologies from $255.00 to $300.00 in a research note on Tuesday, July 18th. Raymond James lifted their price target on FLEETCOR Technologies from $246.00 to $283.00 and gave the stock an outperform rating in a research report on Thursday, August 10th. Truist Financial increased their price objective on FLEETCOR Technologies from $295.00 to $305.00 and gave the company a buy rating in a research report on Tuesday, August 22nd. Finally, Royal Bank of Canada boosted their target price on shares of FLEETCOR Technologies from $240.00 to $277.00 and gave the stock a sector perform rating in a research report on Wednesday, August 9th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $277.67.

FLEETCOR Technologies Stock Up 0.1 %

FLT stock opened at $272.29 on Wednesday. The firm has a market cap of $20.15 billion, a PE ratio of 21.96, a PEG ratio of 1.38 and a beta of 1.20. FLEETCOR Technologies has a 1 year low of $161.69 and a 1 year high of $275.66. The company has a fifty day simple moving average of $260.40 and a 200 day simple moving average of $235.61. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.43.

FLEETCOR Technologies (NYSE:FLT) last announced its quarterly earnings results on Tuesday, August 8th. The business services provider reported $3.85 earnings per share for the quarter, missing analysts’ consensus estimates of $3.87 by ($0.02). The company had revenue of $948.17 million during the quarter, compared to analyst estimates of $945.21 million. FLEETCOR Technologies had a return on equity of 41.53% and a net margin of 25.61%. Sell-side analysts anticipate that FLEETCOR Technologies will post 15.83 EPS for the current fiscal year.

Institutional Investors Weigh In On FLEETCOR Technologies

Large investors have recently made changes to their positions in the company. Covestor Ltd grew its stake in FLEETCOR Technologies by 253.1% during the first quarter. Covestor Ltd now owns 113 shares of the business services provider’s stock worth $28,000 after buying an additional 81 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in FLEETCOR Technologies during the 1st quarter worth approximately $28,000. BOKF NA acquired a new stake in FLEETCOR Technologies during the 1st quarter valued at $29,000. Fred Alger Management LLC raised its position in FLEETCOR Technologies by 102.4% in the 3rd quarter. Fred Alger Management LLC now owns 170 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 86 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in FLEETCOR Technologies by 88.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 145 shares of the business services provider’s stock worth $31,000 after purchasing an additional 68 shares in the last quarter. Institutional investors own 94.93% of the company’s stock.

About FLEETCOR Technologies

FLEETCOR Technologies, Inc, a business payments company that helps businesses spend less by enabling them to manage their expense-related purchasing and vendor payments processes. 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.