Martingale Asset Management L P Cuts Holdings in FLEETCOR Technologies, Inc. (NYSE:FLT)

Martingale Asset Management L P trimmed its holdings in shares of FLEETCOR Technologies, Inc. (NYSE:FLTGet Rating) by 35.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,160 shares of the business services provider’s stock after selling 634 shares during the period. Martingale Asset Management L P’s holdings in FLEETCOR Technologies were worth $244,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FLT. Deseret Mutual Benefit Administrators purchased a new position in shares of FLEETCOR Technologies in the 2nd quarter worth $26,000. Covestor Ltd boosted its stake in shares of FLEETCOR Technologies by 253.1% in the 1st quarter. Covestor Ltd now owns 113 shares of the business services provider’s stock worth $28,000 after buying an additional 81 shares during the last quarter. Clear Street Markets LLC boosted its stake in shares of FLEETCOR Technologies by 393.9% in the 2nd quarter. Clear Street Markets LLC now owns 163 shares of the business services provider’s stock worth $34,000 after buying an additional 130 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of FLEETCOR Technologies in the 1st quarter worth $35,000. Finally, Bartlett & Co. LLC boosted its stake in shares of FLEETCOR Technologies by 375.7% in the 2nd quarter. Bartlett & Co. LLC now owns 176 shares of the business services provider’s stock worth $37,000 after buying an additional 139 shares during the last quarter. 91.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FLT has been the topic of a number of research reports. Truist Financial dropped their price target on FLEETCOR Technologies from $275.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, October 13th. Keefe, Bruyette & Woods decreased their target price on FLEETCOR Technologies from $335.00 to $230.00 in a report on Monday, October 10th. Bank of America cut FLEETCOR Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $278.00 to $203.00 in a report on Thursday, October 20th. Morgan Stanley decreased their target price on FLEETCOR Technologies from $196.00 to $188.00 and set an “equal weight” rating on the stock in a report on Thursday, November 3rd. Finally, Barclays decreased their target price on FLEETCOR Technologies from $290.00 to $266.00 and set an “overweight” rating on the stock in a report on Sunday, November 6th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, FLEETCOR Technologies has a consensus rating of “Hold” and an average price target of $243.08.

FLEETCOR Technologies Price Performance

NYSE:FLT opened at $189.83 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 2.13. The business’s 50-day simple moving average is $183.63 and its two-hundred day simple moving average is $209.63. The stock has a market cap of $14.00 billion, a PE ratio of 15.65, a P/E/G ratio of 0.79 and a beta of 1.22. FLEETCOR Technologies, Inc. has a 52 week low of $161.69 and a 52 week high of $265.30.

Insider Buying and Selling at FLEETCOR Technologies

In other FLEETCOR Technologies news, insider Alan King sold 1,379 shares of the firm’s 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 sale, the insider now directly owns 9,250 shares of the company’s stock, valued at $2,066,265. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 6.60% 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.

Further Reading

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Institutional Ownership by Quarter for FLEETCOR Technologies (NYSE:FLT)

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