DXC Technology (NYSE:DXC) Stock Price Up 9.4% – Here’s Why

DXC Technology Company. (NYSE:DXC)’s share price shot up 9.4% during mid-day trading on Wednesday . The stock traded as high as $9.65 and last traded at $9.6860. Approximately 2,398,163 shares traded hands during trading, a decline of 38% from the average session volume of 3,862,121 shares. The stock had previously closed at $8.85.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on DXC shares. Morgan Stanley cut their price objective on shares of DXC Technology from $15.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 14th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $16.00 target price on shares of DXC Technology in a research report on Friday, June 12th. Weiss Ratings lowered shares of DXC Technology from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Zacks Research lowered shares of DXC Technology from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Finally, Wall Street Zen cut shares of DXC Technology from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $12.75.

DXC Technology Stock Performance

The company has a market cap of $1.58 billion, a price-to-earnings ratio of 161.25 and a beta of 0.81. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a fifty day simple moving average of $9.74 and a 200 day simple moving average of $12.24.

DXC Technology (NYSE:DXC) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. The business had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.17 billion. DXC Technology had a net margin of 0.14% and a return on equity of 17.24%. DXC Technology’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. On average, sell-side analysts expect that DXC Technology Company. will post 2.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Raul J. Fernandez purchased 28,051 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $8.90 per share, for a total transaction of $249,653.90. Following the completion of the acquisition, the chief executive officer directly owned 844,052 shares of the company’s stock, valued at approximately $7,512,062.80. The trade was a 3.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DXC Technology

Several large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in DXC Technology by 240.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,737 shares of the company’s stock valued at $27,000 after buying an additional 1,227 shares during the last quarter. Danske Bank A S boosted its position in shares of DXC Technology by 280.0% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $28,000 after acquiring an additional 1,400 shares during the period. Fifth Third Bancorp boosted its position in shares of DXC Technology by 116.0% in the fourth quarter. Fifth Third Bancorp now owns 2,102 shares of the company’s stock valued at $31,000 after acquiring an additional 1,129 shares during the period. Hantz Financial Services Inc. grew its stake in shares of DXC Technology by 110.5% in the fourth quarter. Hantz Financial Services Inc. now owns 2,185 shares of the company’s stock worth $32,000 after acquiring an additional 1,147 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of DXC Technology by 13,258.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,271 shares of the company’s stock worth $33,000 after acquiring an additional 2,254 shares during the last quarter. Institutional investors and hedge funds own 96.20% of the company’s stock.

DXC Technology Company Profile

DXC Technology, headquartered in Tysons Corner, Virginia, is a global leader in IT services and solutions. The company was formed in 2017 through the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise, combining decades of experience in consulting, systems integration and managed services. Since its inception, DXC has focused on helping clients modernize IT environments and drive digital transformation across their organizations.

DXC Technology’s core service offerings encompass cloud and platform services, applications and analytics, security, and workplace and mobility solutions.