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

SS&C Technologies (NASDAQ:SSNC) had its price target upped by Raymond James from $79.00 to $85.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a strong-buy rating on the technology company’s stock.

A number of other research firms also recently issued reports on SSNC. Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of SS&C Technologies in a research report on Friday. Royal Bank of Canada increased 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 report on Thursday, September 19th. Finally, DA Davidson restated a “buy” rating and set a $92.00 target price on shares of SS&C Technologies in a report on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, SS&C Technologies currently has a consensus rating of “Buy” and a consensus price target of $77.75.

SS&C Technologies Stock Performance

Shares of SSNC stock opened at $70.04 on Friday. The firm has a market capitalization of $17.32 billion, a price-to-earnings ratio of 27.90 and a beta of 1.38. The company has a 50 day moving average price of $74.38 and a 200 day moving average price of $67.79. SS&C Technologies has a one year low of $46.61 and a one year high of $77.02. 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 (NASDAQ:SSNC) last issued its earnings results on Thursday, October 24th. The technology company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.03. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.44 billion. SS&C Technologies had a return on equity of 17.43% and a net margin of 12.33%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company posted $1.04 EPS. Sell-side analysts anticipate that SS&C Technologies will post 4.66 EPS for the current 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 paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from SS&C Technologies’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.43%. SS&C Technologies’s dividend payout ratio (DPR) is currently 39.84%.

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

Insider Activity at SS&C Technologies

In other SS&C Technologies news, Director Smita Conjeevaram sold 48,500 shares of the company’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 transaction, the director now directly owns 9,576 shares of the company’s stock, valued at $678,172.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Smita Conjeevaram sold 48,500 shares of the business’s stock in a transaction dated 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 trade was 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. Also, Director Michael Jay Zamkow sold 19,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.97, for a total transaction of $1,443,430.00. Following the transaction, the director now directly owns 22,576 shares in the company, valued at $1,715,098.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 609,690 shares of company stock valued at $44,821,055. Insiders own 15.40% of the company’s stock.

Hedge Funds Weigh In On SS&C Technologies

Several large investors have recently added to or reduced their stakes in the company. Quent Capital LLC increased its stake 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 purchasing an additional 172 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of SS&C Technologies in the 2nd quarter valued at about $26,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of SS&C Technologies during the 2nd quarter valued at about $35,000. Benjamin Edwards Inc. raised its stake in SS&C Technologies by 43.3% during the second quarter. Benjamin Edwards Inc. now owns 675 shares of the technology company’s stock worth $42,000 after acquiring an additional 204 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in SS&C Technologies by 6,300.0% in the second quarter. Versant Capital Management Inc now owns 704 shares of the technology company’s stock worth $44,000 after acquiring an additional 693 shares during the last quarter. 96.95% of the stock is currently owned by institutional investors.

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.