SS&C Technologies (NASDAQ:SSNC) Hits New 52-Week High – Here’s Why

SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $76.95 and last traded at $76.40, with a volume of 26050 shares trading hands. The stock had previously closed at $76.66.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SSNC. Royal Bank of Canada lifted their price objective on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Needham & Company LLC boosted their price target on SS&C Technologies from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, DA Davidson restated a “buy” rating and issued a $92.00 price objective on shares of SS&C Technologies in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SS&C Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.75.

SS&C Technologies Stock Performance

The stock has a market capitalization of $18.82 billion, a price-to-earnings ratio of 27.88 and a beta of 1.38. The firm has a fifty day moving average of $73.97 and a 200 day moving average of $67.21. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.16 and a quick ratio of 1.16.

SS&C Technologies (NASDAQ:SSNC) last posted its earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.07. SS&C Technologies had a net margin of 12.33% and a return on equity of 17.43%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the firm earned $0.96 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that SS&C Technologies Holdings, Inc. will post 4.66 earnings per share for the current fiscal year.

SS&C Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from SS&C Technologies’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.30%. SS&C Technologies’s dividend payout ratio (DPR) is 36.36%.

SS&C Technologies declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at SS&C Technologies

In related news, Director Smita Conjeevaram sold 48,500 shares of the company’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 transaction, the director now owns 9,576 shares in the company, valued at $678,172.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Rahul Kanwar sold 412,190 shares of SS&C Technologies 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 sale, the chief operating officer now directly owns 57,642 shares of the company’s stock, valued at $4,215,359.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Smita Conjeevaram sold 48,500 shares of the business’s 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 sale, the director now owns 9,576 shares of the company’s stock, valued at $678,172.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 609,690 shares of company stock valued at $44,821,055 over the last ninety days. Corporate insiders own 15.40% of the company’s stock.

Institutional Investors Weigh In On SS&C Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSNC. Schaper Benz & Wise Investment Counsel Inc. WI boosted its position in SS&C Technologies by 1.5% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 198,081 shares of the technology company’s stock worth $14,700,000 after acquiring an additional 3,022 shares during the last quarter. Raymond James & Associates grew its position in shares of SS&C Technologies by 7.4% in the third quarter. Raymond James & Associates now owns 412,006 shares of the technology company’s stock valued at $30,575,000 after purchasing an additional 28,238 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of SS&C Technologies by 557.0% in the third quarter. Blue Trust Inc. now owns 1,971 shares of the technology company’s stock valued at $146,000 after purchasing an additional 1,671 shares during the last quarter. Net Worth Advisory Group purchased a new position in SS&C Technologies during the third quarter worth approximately $331,000. Finally, Stonegate Investment Group LLC boosted its stake in SS&C Technologies by 42.1% during the third quarter. Stonegate Investment Group LLC now owns 5,397 shares of the technology company’s stock worth $401,000 after buying an additional 1,599 shares during the last quarter. Institutional investors and hedge funds own 96.95% of the company’s stock.

SS&C Technologies Company Profile

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.