SS&C Technologies (NASDAQ:SSNC) Given New $90.00 Price Target at Needham & Company LLC

SS&C Technologies (NASDAQ:SSNC) had its price target increased by Needham & Company LLC from $81.00 to $90.00 in a report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Several other research analysts have also weighed in on the company. DA Davidson boosted their price target on SS&C Technologies from $84.00 to $88.00 and gave the stock a buy rating in a research report on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of SS&C Technologies from $72.00 to $75.00 and gave the stock an outperform rating in a report on Friday, July 26th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $73.75.

SS&C Technologies Stock Performance

Shares of SSNC opened at $75.53 on Thursday. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 30.09 and a beta of 1.38. SS&C Technologies has a 12 month low of $46.61 and a 12 month high of $76.94. The firm has a fifty day simple moving average of $72.07 and a 200 day simple moving average of $65.76. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.01.

SS&C Technologies (NASDAQ:SSNC) last issued its quarterly earnings results on Thursday, July 25th. The technology company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.20 by $0.07. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. SS&C Technologies had a net margin of 12.33% and a return on equity of 17.43%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. Research analysts forecast that SS&C Technologies will post 4.66 EPS for the current fiscal year.

SS&C Technologies declared that its board has approved a share buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the technology company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

SS&C Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Tuesday, September 3rd. This is a boost from SS&C Technologies’s previous quarterly dividend of $0.24. SS&C Technologies’s dividend payout ratio is 39.84%.

Insider Buying and Selling at SS&C Technologies

In other news, Director Smita Conjeevaram sold 48,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $70.82, for a total transaction of $3,434,770.00. Following the completion of the sale, the director now owns 9,576 shares in the company, valued at approximately $678,172.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, COO Rahul Kanwar sold 412,190 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $73.13, for a total value of $30,143,454.70. Following the transaction, the chief operating officer now owns 57,642 shares of the company’s stock, valued at $4,215,359.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Smita Conjeevaram sold 48,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $70.82, for a total value of $3,434,770.00. Following the transaction, the director now owns 9,576 shares in the company, valued at approximately $678,172.32. The disclosure for this sale can be found here. Insiders have sold a total of 590,690 shares of company stock worth $43,377,625 over the last ninety days. Insiders own 15.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of SS&C Technologies during the second quarter worth $1,661,000. University of Texas Texas AM Investment Management Co. raised its stake in SS&C Technologies by 156.3% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 73,392 shares of the technology company’s stock worth $4,599,000 after purchasing an additional 44,762 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in SS&C Technologies by 183.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 10,225 shares of the technology company’s stock valued at $641,000 after purchasing an additional 6,624 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of SS&C Technologies during the 2nd quarter worth approximately $1,904,000. Finally, Delphi Management Inc. MA increased its holdings in shares of SS&C Technologies by 33.2% during the second quarter. Delphi Management Inc. MA now owns 28,282 shares of the technology company’s stock worth $1,772,000 after purchasing an additional 7,057 shares during the period. 96.95% of the stock is owned by institutional investors and hedge funds.

About SS&C Technologies

SS&C Technologies Holdings, Inc, together with its subsidiaries, provides software products and software-enabled services to financial services and healthcare industries. The company owns and operates technology stack across securities accounting; front-office functions, such as trading and modeling; middle-office functions comprising portfolio management and reporting; back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting; and healthcare solutions consisting of claims adjudication, benefit management, care management, and business intelligence solutions.