Raymond James Raises SS&C Technologies (NASDAQ:SSNC) Price Target to $85.00

SS&C Technologies (NASDAQ:SSNC) had its price objective hoisted by equities researchers at Raymond James from $79.00 to $85.00 in a report issued on Friday, Benzinga reports. The firm currently has a “strong-buy” rating on the technology company’s stock. Raymond James’ target price would suggest a potential upside of 22.27% from the stock’s current price.

A number of other analysts have also recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on shares of SS&C Technologies in a research report on Friday. Royal Bank of Canada raised their target price on SS&C Technologies from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Finally, DA Davidson reissued a “buy” rating and issued a $92.00 price target on shares of SS&C Technologies in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, SS&C Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $75.00.

SS&C Technologies Stock Down 7.5 %

Shares of SSNC stock traded down $5.63 during mid-day trading on Friday, reaching $69.52. 3,675,550 shares of the company were exchanged, compared to its average volume of 1,037,878. The company has a market capitalization of $17.19 billion, a P/E ratio of 27.77 and a beta of 1.38. The business’s 50 day simple moving average is $74.43 and its 200 day simple moving average is $67.66. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.16 and a current ratio of 1.16. SS&C Technologies has a fifty-two week low of $46.61 and a fifty-two week high of $77.02.

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

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

Insider Transactions at SS&C Technologies

In related news, Director Smita Conjeevaram sold 48,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $70.82, for a total transaction of $3,434,770.00. Following the transaction, the director now directly owns 9,576 shares of the company’s stock, valued at approximately $678,172.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SS&C Technologies news, Director Smita Conjeevaram sold 48,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $70.82, for a total value of $3,434,770.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Rahul Kanwar sold 412,190 shares of the stock in a transaction 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 owns 57,642 shares of the company’s stock, valued at approximately $4,215,359.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 609,690 shares of company stock valued at $44,821,055 over the last quarter. Company insiders own 15.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pzena Investment Management LLC increased its position in SS&C Technologies by 0.3% during the first quarter. Pzena Investment Management LLC now owns 14,519,103 shares of the technology company’s stock worth $934,595,000 after buying an additional 46,211 shares during the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of SS&C Technologies by 0.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 7,798,723 shares of the technology company’s stock valued at $488,746,000 after acquiring an additional 53,080 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of SS&C Technologies by 4.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 4,942,374 shares of the technology company’s stock valued at $309,739,000 after acquiring an additional 201,632 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in SS&C Technologies by 0.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,860,256 shares of the technology company’s stock worth $248,485,000 after purchasing an additional 25,183 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in SS&C Technologies by 49.2% during the second quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock valued at $213,070,000 after purchasing an additional 1,120,961 shares during the last quarter. Institutional investors 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.