Exchange Traded Concepts LLC increased its holdings of FLEETCOR Technologies, Inc. (NYSE: FLT – Get Rating) stock by 23.5% during the first quarter, according to the company in its latest filing with the Securities & Exchange Commission. The institutional investor held 767 shares of the business services provider after purchasing an additional 146 shares during the period. Exchange Traded Concepts LLC’s holdings in FLEETCOR Technologies were worth $191,000 at the end of the last quarter.
A number of other institutional investors and hedge funds have also recently changed their positions in the company. Capital World Investors increased its position in FLEETCOR Technologies shares by 9.4% during the 4th quarter. Capital World Investors now owns 3,705,911 shares of the business services provider worth $829,531,000 after acquiring 317,514 additional shares last quarter. State Street Corp increased its position in FLEETCOR Technologies shares by 3.0% during the fourth quarter. State Street Corp now owns 3,154,209 shares of the business services provider worth $706,038,000 after acquiring 91,085 additional shares in the last quarter. Geode Capital Management LLC increased its position in FLEETCOR Technologies shares by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,631,507 shares of the business services provider worth $364,358,000 after acquiring an additional 51,777 shares last quarter. Boston Partners increased its position in FLEETCOR Technologies shares by 57.1% during the 4th quarter. Boston Partners now owns 1,605,770 shares of the business services provider worth $359,795,000 after acquiring an additional 583,594 shares last quarter. Finally, Allianz Asset Management GmbH increased its position in FLEETCOR Technologies shares by 15.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,081,771 shares of the business services provider worth $242,159,000 after acquiring an additional 143,180 shares last quarter. Institutional investors and hedge funds own 97.44% of the company’s shares.
Wall Street analysts predict growth
Several analysts have recently released reports on the stock. Citigroup raised its price target on shares of FLEETCOR Technologies from $335.00 to $345.00 and gave the stock a “buy” rating in a Thursday, June 9 research report. Evercore ISI reissued an “outperform” rating and posted a $300.00 price target on FLEETCOR Technologies shares in a research note on Thursday, June 2. Truist Financial lowered its price target on FLEETCOR Technologies shares from $290.00 to $275.00 and set a “buy” rating for the company in a Thursday, June 30 research note. TheStreet downgraded shares of FLEETCOR Technologies from a “b-” rating to a “c” rating in a Thursday, May 26 research note. Finally, Barclays raised its price target on FLEETCOR Technologies shares from $306.00 to $312.00 and gave the company an “overweight” rating in a Thursday, April 14 research note. Four analysts gave the stock a hold rating and six gave the stock a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $296.11.
FLEETCOR Technologies Price Performance
NYSE FLT shares opened at $209.67 on Friday. FLEETCOR Technologies, Inc. has a 12-month low of $200.78 and a 12-month high of $282.02. The company has a fifty-day simple moving average of $225.44 and a 200-day simple moving average of $235.57. The company has a market capitalization of $16.22 billion, a PE ratio of 19.80, a P/E/G ratio of 0.90 and a beta of 1.25. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt ratio of 1.52.
FLEETCOR Technologies (NYSE:FLT – Get Rating) last announced its results on Thursday, May 5. The business services provider reported earnings per share of $3.35 for the quarter, beating analyst consensus estimates of $3.27 by $0.08. FLEETCOR Technologies achieved a net margin of 28.97% and a return on equity of 34.88%. The company posted revenue of $789.20 million in the quarter, versus a consensus estimate of $756.56 million. In the same quarter last year, the company earned earnings per share of $2.66. FLEETCOR Technologies quarterly revenue increased 29.7% year over year. On average, sell-side analysts expect FLEETCOR Technologies, Inc. to post EPS of 14.47 for the current year.
Profile of FLEETCOR Technologies
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FLEETCOR Technologies, Inc provides digital payment solutions for businesses to control purchases and make payments. It offers enterprise payment solutions, such as accounts payable automation; the Virtual Card, which provides a single-use card number for a fixed amount that can be used within a defined period; Cross-border which is used by its customers to pay international suppliers, overseas office and staff costs, capital expenditure, profit repatriation and dividends; and purchase travel and entertainment cards and cards for its customers to analyze and manage their business expenses.
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