FLEETCOR Technologies (NYSE:FLT) Issues Q3 2022 Earnings Guidance – MarketBeat

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FLEETCOR Technologies (NYSE:FLT – Get Rating) issued an update on its third quarter 2022 earnings guidance on Monday morning. The company provided EPS guidance of $4.15-$4.25 for the period, compared to the consensus EPS estimate of $4.18. The company issued revenue guidance of $870.00 million-$890.00 million, compared to the consensus revenue estimate of $879.40 million.

FLEETCOR Technologies Stock Up 1.9 %

Shares of NYSE FLT opened at $167.14 on Monday. The firm has a market cap of $12.54 billion, a PE ratio of 14.36, a P/E/G ratio of 0.82 and a beta of 1.24. FLEETCOR Technologies has a 12-month low of $161.69 and a 12-month high of $282.02. The company’s fifty day simple moving average is $199.43 and its 200 day simple moving average is $219.93. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.77.
FLEETCOR Technologies (NYSE:FLT – Get Rating) last issued its 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 business had revenue of $861.28 million for the quarter, compared to analyst estimates of $819.94 million. FLEETCOR Technologies had a net margin of 29.27% and a return on equity of 38.86%. As a group, sell-side analysts forecast that FLEETCOR Technologies will post 14.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Barclays dropped their price objective on shares of FLEETCOR Technologies from $295.00 to $290.00 and set an overweight rating on the stock in a research note on Thursday, September 15th. Bank of America lowered shares of FLEETCOR Technologies from a buy rating to a neutral rating and dropped their price objective for the company from $278.00 to $203.00 in a research note on Thursday. Royal Bank of Canada decreased their price objective on shares of FLEETCOR Technologies from $300.00 to $265.00 and set a sector perform rating for the company in a report on Thursday, August 4th. Mizuho raised their price objective on shares of FLEETCOR Technologies from $250.00 to $256.00 and gave the stock a neutral rating in a report on Tuesday, August 9th. Finally, Robert W. Baird decreased their price objective 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. Seven equities 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.com, the company has a consensus rating of Hold and a consensus price target of $257.00.

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 shares were sold at an average price of $223.38, for a total transaction of $308,041.02. Following the completion of the transaction, the insider now owns 9,250 shares in the company, valued at $2,066,265. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On FLEETCOR Technologies

A number of large investors have recently modified their holdings of the company. Covestor Ltd lifted its position in FLEETCOR Technologies by 253.1% during the first quarter. Covestor Ltd now owns 113 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 81 shares during the last quarter. Lazard Asset Management LLC bought a new stake in FLEETCOR Technologies during the first quarter valued at approximately $35,000. Sequoia Financial Advisors LLC bought a new stake in FLEETCOR Technologies during the first quarter valued at approximately $207,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in FLEETCOR Technologies by 24.8% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,028 shares of the business services provider’s stock valued at $216,000 after purchasing an additional 204 shares during the last quarter. Finally, Cresset Asset Management LLC bought a new stake in FLEETCOR Technologies during the first quarter valued at approximately $217,000. 91.52% of the stock is currently owned by institutional investors.

FLEETCOR Technologies Company Profile

(Get Rating)
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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Earnings History and Estimates for FLEETCOR Technologies (NYSE:FLT)
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