Corpay, formerly known as Fleetcor Technologies Inc., has had an eventful business quarter highlighted across different aspects. The company has posted a solid Q1 performance, beating earnings estimates but missing on revenues, with recorded fuel payments revenue of $494M. This is primarily due to the strategic acquisition of
Paymerang, a full accounts payable (AP) corporate payments company, and other corporate payment companies, significantly expanding the company's market reach. Corpay's financial outlook was downgraded due to some market challenges. However, the company remains a favorite amongst institutional investors who own 87%. Barclays has, however, lowered Corpay's price target to $350.00. The company has also participated in several investor conferences. Furthermore, Oliver Morris has been appointed as the new Head of Institutional Fund Services, EMEA. The company has merged with Fleetcor Technologies Inc. and changed the company name and ticker to Corpay CPAY. As highlighted, Corpay was also rebranded reflecting the company's commitment to business-to-business solutions. The company's shares experienced a drop following an analyst downgrade.
Corpay CPAY News Analytics from Fri, 23 Dec 2016 22:41:13 GMT to Thu, 23 May 2024 17:34:33 GMT -
Rating 4
- Innovation 4
- Information 7
- Rumor 3
