FleetMatics Group PLC’s “Buy” Rating Reaffirmed at Stifel Nicolaus (FLTX)

FleetMatics Group PLC (NASDAQ:FLTX)‘s stock had its “buy” rating restated by Stifel Nicolaus in a research note issued on Tuesday, ARN reports. They currently have a $45.00 target price on the stock, up from their previous target price of $44.00. Stifel Nicolaus’ target price points to a potential upside of 5.44% from the stock’s previous close.

The analysts wrote, “We are updating our model ahead of Fleetmatics’ earnings announcement on Wednesday, August 7, 2013. Our changes come after the company positively preannounced 2Q13 revenue ahead of its 9.5mn share secondary offering (1.0mn shares primary) that priced at $33. We are raising our estimates to reflect better-than-expected vehicles under subscription and total revenues, and we are correspondingly raising our target price to $44 to reflect our increased confidence in the business.”

Shares of FleetMatics Group PLC (NASDAQ:FLTX) traded up 7.29% during mid-day trading on Tuesday, hitting $42.68. FleetMatics Group PLC has a 52 week low of $19.20 and a 52 week high of $41.76. The stock’s 50-day moving average is currently $34.57. The company has a market cap of $1.521 billion and a P/E ratio of 93.60.

FleetMatics Group PLC (NASDAQ:FLTX) last announced its earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.17 by $0.06. The company had revenue of $42.50 million for the quarter, compared to the consensus estimate of $41.20 million. During the same quarter last year, the company posted $0.05 earnings per share. FleetMatics Group PLC’s revenue was up 38.9% compared to the same quarter last year. Analysts expect that FleetMatics Group PLC will post $0.73 EPS for the current fiscal year.

Fleetmatics Group PLC (NASDAQ:FLTX) is a provider of fleet management solutions delivered as software-as-a-service (SaaS).