SS&C Technologies (NASDAQ:SSNC) Releases FY 2024 Earnings Guidance

SS&C Technologies (NASDAQ:SSNC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.120-5.180 for the period, compared to the consensus estimate of 5.160. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.8 billion. SS&C Technologies also updated its FY24 guidance to $5.12-5.18 EPS.

SS&C Technologies Trading Down 0.8 %

SSNC stock traded down $0.64 during midday trading on Thursday, reaching $75.15. The company’s stock had a trading volume of 1,365,068 shares, compared to its average volume of 1,025,074. SS&C Technologies has a 52 week low of $46.61 and a 52 week high of $77.02. The stock has a market cap of $18.59 billion, a PE ratio of 29.94 and a beta of 1.38. 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 business’s 50-day simple moving average is $74.43 and its 200-day simple moving average is $67.66.

SS&C Technologies (NASDAQ:SSNC) last announced its quarterly earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.07. The company 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 business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $0.96 earnings per share. As a group, sell-side analysts expect that SS&C Technologies will post 4.66 EPS for the current year.

SS&C Technologies Increases Dividend

The company also recently declared 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.33%. 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 dividend payout ratio (DPR) is currently 39.84%.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC lifted their price target on shares of SS&C Technologies from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. DA Davidson reissued a “buy” rating and set a $92.00 price target on shares of SS&C Technologies in a research report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price target on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an “outperform” rating in a research report on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.75.

Insider Activity at SS&C Technologies

In related news, COO Rahul Kanwar sold 412,190 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 57,642 shares of the company’s stock, valued at approximately $4,215,359.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other SS&C Technologies news, COO Rahul Kanwar sold 412,190 shares of SS&C Technologies stock in a transaction 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 sale, the chief operating officer now directly owns 57,642 shares in the company, valued at approximately $4,215,359.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Smita Conjeevaram sold 48,500 shares of SS&C Technologies stock in a transaction on 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 $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. In the last ninety days, insiders have sold 609,690 shares of company stock valued at $44,821,055. 15.40% of the stock is owned by corporate insiders.

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.