Envestnet Asset Management Inc. Has $12.75 Million Position in FLEETCOR Technologies, Inc. (NYSE:FLT)

Posted by MarketBeat News on Aug 6th, 2022

Envestnet Asset Management Inc. raised its position in FLEETCOR Technologies, Inc. (NYSE:FLT – Get Rating) by 29.8% in the first quarter, HoldingsChannel.com reports. The fund owned 51,204 shares of the business services provider’s stock after purchasing an additional 11,757 shares during the quarter. Envestnet Asset Management Inc.’s holdings in FLEETCOR Technologies were worth $12,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new stake in shares of FLEETCOR Technologies during the 1st quarter worth about $29,000. CVA Family Office LLC acquired a new stake in shares of FLEETCOR Technologies during the 1st quarter worth about $42,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of FLEETCOR Technologies during the 4th quarter worth about $45,000. National Bank of Canada FI acquired a new stake in shares of FLEETCOR Technologies during the 4th quarter worth about $58,000. Finally, Aquire Wealth Advisors LLC acquired a new stake in shares of FLEETCOR Technologies during the 4th quarter worth about $60,000. Institutional investors and hedge funds own 97.44% of the company’s stock.

Wall Street Analysts Forecast Growth

FLT has been the subject of a number of research reports. Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of FLEETCOR Technologies in a research note on Thursday, June 2nd. Morgan Stanley dropped their price objective on shares of FLEETCOR Technologies from $268.00 to $254.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays dropped their price objective on shares of FLEETCOR Technologies from $312.00 to $286.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Royal Bank of Canada dropped 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 research note on Thursday. Finally, Citigroup lifted their price objective on shares of FLEETCOR Technologies from $335.00 to $345.00 and gave the stock a “buy” rating in a research note on Thursday, June 9th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, FLEETCOR Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $289.70.

FLEETCOR Technologies Price Performance

FLT stock opened at $226.63 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.52. FLEETCOR Technologies, Inc. has a 12 month low of $200.78 and a 12 month high of $282.02. The firm has a market cap of $17.53 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.02 and a beta of 1.22. The company’s 50-day moving average price is $222.57 and its two-hundred day moving average price is $233.78.

FLEETCOR Technologies (NYSE:FLT – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The business services provider reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.08. The company had revenue of $789.20 million for the quarter, compared to analyst estimates of $756.56 million. FLEETCOR Technologies had a net margin of 29.27% and a return on equity of 37.90%. The firm’s revenue was up 29.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.66 EPS. On average, analysts anticipate that FLEETCOR Technologies, Inc. will post 14.43 earnings per share for the current fiscal year.

FLEETCOR Technologies 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.