FleetCor Technologies (FLT) Stock Rating Upgraded by Zacks Investment Research

FleetCor Technologies (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $216.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.51% from the company’s current price.

According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “

Several other brokerages have also recently commented on FLT. Oppenheimer boosted their price target on shares of FleetCor Technologies from $185.00 to $194.00 and gave the stock an “outperform” rating in a research report on Thursday, November 2nd. Credit Suisse Group reissued an “outperform” rating on shares of FleetCor Technologies in a research report on Tuesday, September 5th. Citigroup boosted their price target on shares of FleetCor Technologies from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Morgan Stanley boosted their price target on shares of FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Finally, Deutsche Bank upped their target price on shares of FleetCor Technologies from $185.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, December 5th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $190.08.

Shares of FleetCor Technologies (NYSE FLT) traded up $0.50 during trading hours on Wednesday, reaching $195.46. 969,800 shares of the company’s stock traded hands, compared to its average volume of 940,600. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $197.03. The company has a market cap of $17,600.00, a PE ratio of 33.24, a PEG ratio of 1.23 and a beta of 1.53.

FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, topping the consensus estimate of $2.14 by $0.04. FleetCor Technologies had a net margin of 25.66% and a return on equity of 20.99%. The firm had revenue of $577.90 million for the quarter, compared to analysts’ expectations of $576.78 million. During the same period in the previous year, the firm posted $1.92 EPS. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. research analysts expect that FleetCor Technologies will post 7.76 EPS for the current year.

In other news, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the sale, the insider now directly owns 9,246 shares of the company’s stock, valued at approximately $1,571,820. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Advisor Group Inc. grew its position in shares of FleetCor Technologies by 1.1% during the 2nd quarter. Advisor Group Inc. now owns 3,890 shares of the business services provider’s stock worth $543,000 after purchasing an additional 41 shares in the last quarter. Commonwealth Bank of Australia grew its position in shares of FleetCor Technologies by 13.0% during the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after purchasing an additional 85 shares in the last quarter. Toronto Dominion Bank grew its position in shares of FleetCor Technologies by 11.1% during the 2nd quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock worth $163,000 after purchasing an additional 113 shares in the last quarter. Nordea Investment Management AB grew its position in shares of FleetCor Technologies by 4.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,859 shares of the business services provider’s stock worth $412,000 after purchasing an additional 119 shares in the last quarter. Finally, Commerce Bank grew its position in shares of FleetCor Technologies by 11.2% during the 2nd quarter. Commerce Bank now owns 1,580 shares of the business services provider’s stock worth $228,000 after purchasing an additional 159 shares in the last quarter. 95.41% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for FleetCor Technologies (NYSE:FLT)

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