SS&C Technologies (NASDAQ:SSNC) Price Target Raised to $86.00

SS&C Technologies (NASDAQ:SSNC) had its target price hoisted by Royal Bank of Canada from $75.00 to $86.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other brokerages also recently commented on SSNC. DA Davidson upped their price target on shares of SS&C Technologies from $84.00 to $88.00 and gave the company a buy rating in a report on Monday, July 29th. Needham & Company LLC upped their price target on shares of SS&C Technologies from $81.00 to $90.00 and gave the company a buy rating in a report on Thursday. 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 stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $73.75.

SS&C Technologies Stock Performance

SS&C Technologies stock opened at $75.53 on Thursday. The company’s 50-day moving average price is $72.07 and its 200-day moving average price is $65.74. SS&C Technologies has a twelve month low of $46.61 and a twelve month high of $76.94. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.01. The company has a market cap of $18.68 billion, a PE ratio of 30.09 and a beta of 1.38.

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, beating the consensus estimate of $1.20 by $0.07. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. SS&C Technologies had a net margin of 12.33% and a return on equity of 17.43%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 EPS. On average, equities research analysts forecast that SS&C Technologies will post 4.66 EPS for the current fiscal year.

SS&C Technologies Increases Dividend

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

SS&C Technologies announced that its board has initiated a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at SS&C Technologies

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 shares were sold at an average price of $73.13, for a total value of $30,143,454.70. Following the completion of the sale, the chief operating officer now owns 57,642 shares of the company’s stock, valued at approximately $4,215,359.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Smita Conjeevaram sold 48,500 shares of the company’s 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 of the company’s stock, valued at approximately $678,172.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Rahul Kanwar sold 412,190 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $73.13, for a total transaction 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 approximately $4,215,359.46. The disclosure for this sale can be found here. Insiders sold a total of 590,690 shares of company stock valued at $43,377,625 in the last three months. Company insiders own 15.40% of the company’s stock.

Institutional Investors Weigh In On SS&C Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quent Capital LLC lifted its position in SS&C Technologies by 76.8% during the first quarter. Quent Capital LLC now owns 396 shares of the technology company’s stock valued at $25,000 after acquiring an additional 172 shares during the last quarter. Innealta Capital LLC purchased a new stake in SS&C Technologies during the second quarter valued at approximately $26,000. ST Germain D J Co. Inc. purchased a new stake in SS&C Technologies during the first quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in SS&C Technologies during the second quarter valued at approximately $35,000. Finally, Benjamin Edwards Inc. lifted its position in SS&C Technologies by 43.3% during the second quarter. Benjamin Edwards Inc. now owns 675 shares of the technology company’s stock valued at $42,000 after acquiring an additional 204 shares during the last quarter. Hedge funds and other 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.