FleetCor Technologies, Inc. (FLT) Price Target Increased to $194.00 by Analysts at Oppenheimer Holdings, Inc.
FleetCor Technologies, Inc. (NYSE:FLT) had its price target increased by stock analysts at Oppenheimer Holdings, Inc. from $185.00 to $194.00 in a research report issued on Thursday. The firm presently has an “outperform” rating on the business services provider’s stock. Oppenheimer Holdings, Inc.’s price objective points to a potential upside of 17.38% from the stock’s current price.
FLT has been the subject of a number of other research reports. Citigroup Inc. upped their price objective on FleetCor Technologies from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday. SunTrust Banks, Inc. set a $180.00 price target on FleetCor Technologies and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Morgan Stanley raised their target price on FleetCor Technologies from $184.00 to $189.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Monday, October 9th. Finally, William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $182.50.
FleetCor Technologies (NYSE:FLT) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.14 by $0.04. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The company had revenue of $577.90 million during the quarter, compared to analysts’ expectations of $576.78 million. During the same period in the previous year, the firm posted $1.92 earnings per share. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year.
FleetCor Technologies announced that its board has authorized a share repurchase program on Thursday, August 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Andrew Blazye sold 2,442 shares of FleetCor Technologies stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $144.00, for a total value of $351,648.00. Following the completion of the transaction, the chief executive officer now owns 24,766 shares in the company, valued at $3,566,304. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 15,758 shares of company stock worth $2,274,115. 4.30% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Saturna Capital grew its holdings in shares of FleetCor Technologies by 29.2% in the 3rd quarter. Saturna Capital now owns 18,196 shares of the business services provider’s stock valued at $2,504,000 after buying an additional 4,108 shares during the period. Eagle Asset Management lifted its position in FleetCor Technologies by 109.2% during the 3rd quarter. Eagle Asset Management now owns 119,666 shares of the business services provider’s stock worth $16,468,000 after buying an additional 62,452 shares in the last quarter. Fulton Bank lifted its position in FleetCor Technologies by 1.1% during the 4th quarter. Fulton Bank now owns 1,889 shares of the business services provider’s stock worth $270,000 after buying an additional 20 shares in the last quarter. Capital Investment Services of America lifted its position in FleetCor Technologies by 3.6% during the 4th quarter. Capital Investment Services of America now owns 42,175 shares of the business services provider’s stock worth $6,028,000 after buying an additional 1,450 shares in the last quarter. Finally, CUE Financial Group lifted its position in FleetCor Technologies by 3.6% during the 4th quarter. CUE Financial Group now owns 6,095 shares of the business services provider’s stock worth $871,000 after buying an additional 210 shares in the last quarter. 97.64% of the stock is owned by hedge funds and other institutional investors.
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.
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