Morgan Stanley Lowers FLEETCOR Technologies (NYSE:FLT) Price Target to $196.00
FLEETCOR Technologies (NYSE:FLT – Get Rating) had its price target cut by equities researchers at Morgan Stanley from $254.00 to $196.00 in a research note issued to investors on Tuesday, MarketBeat.com reports. The currently firm has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 15.80% from the company’s previous close.
Several other research analysts have also recently issued reports on FLT. Robert W. Baird lowered their price target on shares of FLEETCOR Technologies from $250.00 to $220.00 and set a “neutral” rating for the company in a report on Monday, September 26th. Wells Fargo & Company lowered their price target on shares of FLEETCOR Technologies from $298.00 to $274.00 and set an “overweight” rating for the company in a report on Thursday, September 8th. Truist Financial decreased their price objective on FLEETCOR Technologies from $290.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, June 30th. Mizuho increased their price objective on FLEETCOR Technologies from $250.00 to $256.00 and gave the company a “neutral” rating in a report on Tuesday, August 9th. Finally, Royal Bank of Canada decreased their price objective on FLEETCOR Technologies from $300.00 to $265.00 and set a “sector perform” rating for the company in a report on Thursday, August 4th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $266.45.
FLEETCOR Technologies Stock Down 1.1%
NYSE FLT opened at $169.26 on Tuesday. The business has a fifty day moving average price of $207.39 and a two-hundred day moving average price of $224.14. The stock has a market capitalization of $12.70 billion, a PE ratio of 14.54, a PEG ratio of 0.86 and a beta of 1.24. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.06 and a quick ratio of 1.06. FLEETCOR Technologies has a fifty-two week low of $169.06 and a fifty-two week high of $282.02.
FLEETCOR Technologies (NYSE:FLT – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The business services provider reported $3.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.25. The company had revenue of $861.28 million during the quarter, compared to the consensus estimate of $819.94 million. FLEETCOR Technologies had a net margin of 29.27% and a return on equity of 38.86%. Equities analysts expect that FLEETCOR Technologies will post 14.7 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other FLEETCOR Technologies news, insider Alan King sold 1,379 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $223.38, for a total transaction of $308,041.02. Following the completion of the sale, the insider now directly owns 9,250 shares in the company, valued at approximately $2,066,265. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.60% of the company’s stock.
Hedge Funds Weigh In On FLEETCOR Technologies
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Radnor Capital Management LLC boosted its position in shares of FLEETCOR Technologies by 12.1% during the 3rd quarter. Radnor Capital Management LLC now owns 6,435 shares of the business services provider’s stock worth $1,134,000 after purchasing an additional 695 shares in the last quarter. Community Capital Management LLC boosted its position in shares of FLEETCOR Technologies by 6.3% during the 3rd quarter. Community Capital Management LLC now owns 8,500 shares of the business services provider’s stock worth $1,497,000 after purchasing an additional 500 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of FLEETCOR Technologies by 28.4% during the 3rd quarter. DAVENPORT & Co LLC now owns 1,410 shares of the business services provider’s stock worth $250,000 after purchasing an additional 312 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of FLEETCOR Technologies by 5.0% during the 3rd quarter. Mackenzie Financial Corp now owns 8,280 shares of the business services provider’s stock worth $1,459,000 after purchasing an additional 391 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in FLEETCOR Technologies by 7.3% in the 3rd quarter. Gateway Investment Advisers LLC now owns 1,376 shares of the business services provider’s stock valued at $242,000 after acquiring an additional 94 shares in the last quarter. Institutional investors own 91.52% of the company’s stock.
About FLEETCOR Technologies
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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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