SS&C Technologies (NASDAQ:SSNC) Updates FY24 Earnings Guidance

SS&C Technologies (NASDAQ:SSNC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.12-5.18 for the period, compared to the consensus estimate of $5.16. The company issued revenue guidance of $5.815-5.855 billion, compared to the consensus revenue estimate of $5.80 billion. SS&C Technologies also updated its FY 2024 guidance to 5.120-5.180 EPS.

SS&C Technologies Stock Down 6.8 %

Shares of SSNC stock traded down $5.11 during mid-day trading on Friday, reaching $70.04. 5,279,583 shares of the company were exchanged, compared to its average volume of 1,045,626. The company has a market capitalization of $17.32 billion, a P/E ratio of 27.90 and a beta of 1.38. The business’s 50 day simple moving average is $74.38 and its 200 day simple moving average is $67.71. 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 has a fifty-two week low of $46.61 and a fifty-two week high of $77.02.

SS&C Technologies (NASDAQ:SSNC) last released its earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.07. SS&C Technologies had a net margin of 12.33% and a return on equity of 17.43%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the firm earned $0.96 EPS. The company’s revenue was up 6.5% on a year-over-year basis. Research analysts predict that SS&C Technologies will post 4.66 earnings per share for the current year.

SS&C Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders 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 represents a $1.00 annualized dividend and a yield of 1.43%. This is a boost from SS&C Technologies’s previous quarterly dividend of $0.24. SS&C Technologies’s dividend payout ratio is presently 39.84%.

SS&C Technologies declared that its Board of Directors has approved a stock repurchase 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 often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SSNC shares. Raymond James upped their price target on SS&C Technologies from $79.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Friday. Royal Bank of Canada raised 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. DA Davidson reaffirmed a “buy” rating and set a $92.00 price objective on shares of SS&C Technologies in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $90.00 target price on shares of SS&C Technologies in a report on Friday. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.00.

Insider Activity at SS&C Technologies

In related news, Director Michael Jay Zamkow sold 19,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 22,576 shares of the company’s stock, valued at $1,715,098.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 completion of the sale, the chief operating officer now directly owns 57,642 shares of the company’s stock, valued at $4,215,359.46. This represents a 0.00 % decrease in their ownership of the stock. 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 SS&C Technologies stock in a transaction that occurred on 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 completion of the transaction, the director now owns 22,576 shares in the company, valued at approximately $1,715,098.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 609,690 shares of company stock worth $44,821,055 over the last ninety days. 15.40% of the stock is currently 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.