State Board of Administration of Florida Retirement System Sells 7,330 Shares of FLEETCOR Technologies, Inc. (NYSE:FLT)

Posted by on May 8th, 2023

State Board of Administration of Florida Retirement System reduced its position in FLEETCOR Technologies, Inc. (NYSE:FLT – Get Rating) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 78,477 shares of the business services provider’s stock after selling 7,330 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.11% of FLEETCOR Technologies worth $14,415,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLT. Raymond James Financial Services Advisors Inc. grew its holdings in shares of FLEETCOR Technologies by 15.7% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 1,504 shares of the business services provider’s stock valued at $375,000 after purchasing an additional 204 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of FLEETCOR Technologies by 15.9% during the 1st quarter. American Century Companies Inc. now owns 2,798 shares of the business services provider’s stock valued at $697,000 after purchasing an additional 384 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of FLEETCOR Technologies during the 1st quarter valued at approximately $219,000. HighTower Advisors LLC grew its holdings in shares of FLEETCOR Technologies by 9.5% during the 1st quarter. HighTower Advisors LLC now owns 4,524 shares of the business services provider’s stock valued at $1,119,000 after purchasing an additional 392 shares during the last quarter. Finally, Private Advisor Group LLC grew its holdings in shares of FLEETCOR Technologies by 123.0% during the 1st quarter. Private Advisor Group LLC now owns 2,355 shares of the business services provider’s stock valued at $586,000 after purchasing an additional 1,299 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FLT. StockNews.com began coverage on shares of FLEETCOR Technologies in a report on Thursday, March 16th. They set a “hold” rating on the stock. Robert W. Baird raised shares of FLEETCOR Technologies from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $235.00 to $254.00 in a report on Friday, February 10th. Morgan Stanley boosted their target price on shares of FLEETCOR Technologies from $188.00 to $205.00 and gave the stock an “equal weight” rating in a report on Thursday, February 9th. TheStreet raised shares of FLEETCOR Technologies from a “c+” rating to a “b-” rating in a report on Friday, April 14th. Finally, Barclays boosted their target price on shares of FLEETCOR Technologies from $245.00 to $270.00 in a report on Sunday. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $252.36.

FLEETCOR Technologies Stock Up 3.4 %

Shares of NYSE FLT opened at $231.19 on Monday. The firm has a market cap of $16.99 billion, a PE ratio of 18.42, a P/E/G ratio of 1.22 and a beta of 1.20. FLEETCOR Technologies, Inc. has a 12-month low of $161.69 and a 12-month high of $251.61. The company’s fifty day simple moving average is $209.08 and its 200 day simple moving average is $198.33. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 1.63.

FLEETCOR Technologies (NYSE:FLT – Get Rating) last issued its earnings results on Wednesday, May 3rd. The business services provider reported $3.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.69 by $0.11. FLEETCOR Technologies had a net margin of 26.88% and a return on equity of 44.25%. The business had revenue of $901.30 million for the quarter, compared to analyst estimates of $881.03 million. During the same period in the prior year, the firm earned $3.35 earnings per share. FLEETCOR Technologies’s revenue was up 14.2% on a year-over-year basis. As a group, sell-side analysts forecast that FLEETCOR Technologies, Inc. will post 15.77 earnings per share for the current fiscal year.

FLEETCOR Technologies Profile

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FLEETCOR Technologies, Inc engages in the provision of digital payment solutions that enables businesses to control purchases and make payments. It operates through the following geographical segments: North America, International, and Brazil. The company was founded by William Boatner Reily III and Ronald F.

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

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