Needham & Company LLC Raises SS&C Technologies (NASDAQ:SSNC) Price Target to $90.00

SS&C Technologies (NASDAQ:SSNC) had its target price boosted by Needham & Company LLC from $81.00 to $90.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

SSNC has been the topic of several other reports. DA Davidson lifted their price target on SS&C Technologies from $84.00 to $88.00 and gave the company a buy rating in a research report on Monday, July 29th. Royal Bank of Canada lifted their target price on SS&C Technologies from $72.00 to $75.00 and gave the stock an outperform rating in a report on Friday, July 26th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $73.75.

SS&C Technologies Stock Performance

Shares of SSNC stock opened at $75.53 on Thursday. The firm’s 50 day moving average is $72.07 and its 200 day moving average is $65.74. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.01. SS&C Technologies has a 12 month low of $46.61 and a 12 month high of $76.94. The stock has a market capitalization of $18.68 billion, a P/E ratio of 30.09 and a beta of 1.38.

SS&C Technologies (NASDAQ:SSNC) last released its quarterly earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.07. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. SS&C Technologies had a return on equity of 17.43% and a net margin of 12.33%. The company’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 EPS. On average, sell-side analysts anticipate 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 stock buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

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 dividend of $0.25 per share. The ex-dividend date was Tuesday, September 3rd. This is an increase from SS&C Technologies’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.32%. SS&C Technologies’s dividend payout ratio is 39.84%.

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 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 transaction, the director now directly owns 9,576 shares in the company, valued at approximately $678,172.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Smita Conjeevaram sold 48,500 shares of the firm’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 owns 9,576 shares in the company, valued at $678,172.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Normand A. Boulanger sold 130,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $75.38, for a total transaction of $9,799,400.00. Following the completion of the sale, the director now directly owns 333,576 shares of the company’s stock, valued at approximately $25,144,958.88. The disclosure for this sale can be found here. Insiders sold a total of 590,690 shares of company stock worth $43,377,625 in the last quarter. 15.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SSNC. Quent Capital LLC raised its holdings in shares of SS&C Technologies by 76.8% in the first quarter. Quent Capital LLC now owns 396 shares of the technology company’s stock worth $25,000 after buying an additional 172 shares during the last quarter. Innealta Capital LLC purchased a new position in SS&C Technologies in the 2nd quarter valued at about $26,000. ST Germain D J Co. Inc. acquired a new stake in shares of SS&C Technologies in the first quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of SS&C Technologies during the second quarter worth $35,000. Finally, Benjamin Edwards Inc. raised its holdings in SS&C Technologies by 43.3% in the 2nd 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.