DexCom earnings beat by $0.03, revenue topped estimates
In a remarkable display of market confidence, Fleetcor Technologies (NYSE:CPAY) stock has surged to an all-time high, with shares peaking at $385.61. The company, now commanding a market capitalization of $26.6 billion, shows strong momentum with an impressive financial health score of "GREAT" according to InvestingPro analysis. This milestone underscores a period of robust growth for the company, which has seen its stock value climb by an impressive 31.49% over the past year. Trading at a P/E ratio of 26.5 with revenue growth of 4.7%, investors have rallied behind CPAY, buoyed by strong financial performance and positive market sentiment. While the stock has reached unprecedented heights, InvestingPro analysis suggests the current price is slightly above its calculated Fair Value. Discover more insights and 7 additional ProTips for CPAY with a subscription to InvestingPro’s comprehensive research platform.
In other recent news, Corpay has seen several noteworthy developments. The company’s third-quarter financial results showed revenue of approximately $1.029 billion and earnings per share of $3.90. Looking ahead, Corpay’s fourth-quarter 2024 organic revenue and earnings are projected to align with previously issued guidance.
Wolfe Research has raised Corpay’s stock price target to $440, maintaining an Outperform rating. The firm cited Corpay’s robust performance and strong long-term growth trajectory. Similarly, Citi has assigned a Buy rating to Corpay’s stock, highlighting strategic initiatives as a key growth driver. Raymond (NSE:RYMD) James has also expressed confidence in Corpay’s growth trajectory, maintaining an Outperform rating and raising the stock price target.
Corpay has also been active in mergers and acquisitions, with recent acquisitions of GPS Capital Markets and Paymerang expected to generate over $200 million in revenue and contribute to a $0.50 increase in Cash EPS accretion by 2025. On a different note, Corpay’s CFO, Tom Panther, is set to leave the company, and a search for his successor is currently underway.
Lastly, Corpay’s subsidiary, TA Connections, announced a strategic collaboration with Uber (NYSE:UBER) for Business, introducing a new feature to schedule Uber rides for passengers facing flight disruptions. These are the recent developments for Corpay.
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