William Blair Equities Analysts Lower Earnings Estimates for FLEETCOR Technologies, Inc. (NYSE:FLT) – MarketBeat

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FLEETCOR Technologies, Inc. (NYSE:FLT – Get Rating) – Research analysts at William Blair reduced their Q1 2023 earnings estimates for shares of FLEETCOR Technologies in a research note issued to investors on Thursday, September 15th. William Blair analyst R. Napoli now expects that the business services provider will post earnings per share of $3.66 for the quarter, down from their prior forecast of $3.88. The consensus estimate for FLEETCOR Technologies’ current full-year earnings is $14.70 per share. William Blair also issued estimates for FLEETCOR Technologies’ Q4 2023 earnings at $4.32 EPS, FY2023 earnings at $16.45 EPS and FY2024 earnings at $19.17 EPS.
A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company lowered their target price on FLEETCOR Technologies from $298.00 to $274.00 and set an “overweight” rating for the company in a report on Thursday, September 8th. Morgan Stanley dropped their target price on shares of FLEETCOR Technologies from $268.00 to $254.00 and set an “equal weight” rating on the stock in a report on Thursday, August 4th. Citigroup boosted their price target on shares of FLEETCOR Technologies from $335.00 to $345.00 and gave the company a “buy” rating in a report on Thursday, June 9th. TheStreet downgraded shares of FLEETCOR Technologies from a “b-” rating to a “c” rating in a research note on Thursday, May 26th. Finally, Mizuho upped their target price on FLEETCOR Technologies from $250.00 to $256.00 and gave the stock a “neutral” rating in a report on Tuesday, August 9th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $282.11.

FLEETCOR Technologies Stock Performance

FLEETCOR Technologies stock opened at $205.42 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $15.41 billion, a PE ratio of 17.86, a P/E/G ratio of 1.02 and a beta of 1.21. The company has a 50 day moving average price of $220.18 and a 200-day moving average price of $230.97. FLEETCOR Technologies has a fifty-two week low of $200.78 and a fifty-two week high of $282.02.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FLT. Vanguard Group Inc. grew its position in FLEETCOR Technologies by 1.3% during the first quarter. Vanguard Group Inc. now owns 8,624,531 shares of the business services provider’s stock valued at $2,148,025,000 after buying an additional 111,367 shares during the period. BlackRock Inc. boosted its holdings in FLEETCOR Technologies by 3.5% in the 1st quarter. BlackRock Inc. now owns 6,118,876 shares of the business services provider’s stock worth $1,523,967,000 after buying an additional 207,098 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of FLEETCOR Technologies by 16.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,528,923 shares of the business services provider’s stock valued at $1,161,682,000 after acquiring an additional 775,047 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of FLEETCOR Technologies by 5.0% in the first quarter. Wellington Management Group LLP now owns 4,836,861 shares of the business services provider’s stock valued at $1,204,669,000 after acquiring an additional 228,606 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of FLEETCOR Technologies by 2.2% in the first quarter. JPMorgan Chase & Co. now owns 4,116,029 shares of the business services provider’s stock worth $1,025,138,000 after acquiring an additional 89,065 shares during the last quarter. 91.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other FLEETCOR Technologies news, insider Alan King sold 1,379 shares of FLEETCOR Technologies stock in a transaction that occurred on 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 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. Corporate insiders own 6.60% of the company’s stock.

FLEETCOR Technologies Company Profile

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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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