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Fleetcor Technologies Inc – Top Technology Stocks To Buy

When you think about the hottest technology stocks in recent times, names like Zoom, Netflix, and Adobe come to mind. There is no doubt that the pandemic and work-from-home has assisted these businesses. However, some beaten-down technology stocks may be poised for growth. Fleetcor is a business payments company based out of Atlanta, Georgia. Fleetcor’s solutions allow companies to automate, digitize, and control payments on behalf of suppliers and employees. Fleetcor’s payment solutions span fuel payments, lodging expenses, tolls, gifts, and other corporate payments. The company’s business model is fairly diversified and brings in recurring revenues. Additionally, the fuel card market is expected to grow significantly in the next few years, providing favorable tailwinds for Fleetcor’s long-term growth.

Fleetcor Company Background

Fleetcor was founded in the year 2000. Ron Clarke joined the firm in that year and has since served as the company’s CEO. Fleetcor’s revenues in the year 2000 were around $25 million. In 2003, Fleetcor merged with another company known as Commercial Fueling Network that made it the leading fleet card processing player in the industry. An investment from Bain Capital in 2006 opened the doors for Fleetcor to expand into Europe. Then in 2009, Fleetcor acquired Corporate Lodging Consultants that allowed the company to expand its workforce travel savings and solutions business. Fleetcor went public in 2010 and has since acquired more companies. Today, Fleetcor offers a wide range of products like food cards, fleet cards, lodging discount cards, and other payment services.

Best Technology Stocks To Buy

Fleetcor has understandably endured a difficult year. It is down 8.7% on a 1-year basis. However, the stock has bounced reasonably well by 57% since hitting a low during the March 2020 crash. While it is true that Fleetcor hasn’t matched Zoom’s 381% 1-year performance or Docusign’s 250% 1-year return, the fading away of the pandemic and the rise in corporate travel is expected to boost Fleetcor’s business.

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