Wells Fargo & Company Forecasts Strong Price Appreciation for Corpay (NYSE:CPAY) Stock

Corpay (NYSE:CPAY) had its price objective raised by equities researchers at Wells Fargo & Company from $340.00 to $375.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 0.31% from the stock’s current price.

CPAY has been the subject of a number of other research reports. Morgan Stanley lifted their price objective on shares of Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Jefferies Financial Group lifted their price objective on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Barclays lifted their price objective on shares of Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wolfe Research upgraded shares of Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price objective for the company in a report on Wednesday, January 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Corpay from $425.00 to $415.00 and set an “outperform” rating for the company in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $381.43.

Corpay Trading Up 3.2 %

Shares of CPAY traded up $11.61 during trading on Thursday, reaching $373.84. 85,992 shares of the company traded hands, compared to its average volume of 432,763. Corpay has a twelve month low of $247.10 and a twelve month high of $385.30. The stock has a market cap of $26.06 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 1.17 and a beta of 1.26. The stock has a 50-day simple moving average of $359.11 and a 200-day simple moving average of $324.55. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69.

Insider Transactions at Corpay

In other news, Director Joseph W. Farrelly sold 2,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the completion of the sale, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Alissa B. Vickery sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total transaction of $2,960,320.00. Following the sale, the chief accounting officer now owns 1,797 shares of the company’s stock, valued at $664,961.88. This represents a 81.66 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Corpay

A number of institutional investors have recently modified their holdings of CPAY. International Assets Investment Management LLC acquired a new position in shares of Corpay in the 3rd quarter valued at $40,497,000. JPMorgan Chase & Co. increased its holdings in shares of Corpay by 2.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,287,311 shares of the company’s stock valued at $1,653,659,000 after acquiring an additional 120,578 shares during the period. Prana Capital Management LP acquired a new position in shares of Corpay in the 3rd quarter valued at $31,541,000. FMR LLC increased its holdings in shares of Corpay by 3.0% in the 3rd quarter. FMR LLC now owns 2,692,847 shares of the company’s stock valued at $842,215,000 after acquiring an additional 78,880 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Corpay by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 718,752 shares of the company’s stock valued at $191,497,000 after acquiring an additional 70,408 shares during the period. 98.84% of the stock is owned by institutional investors and hedge funds.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.