Amdocs (NASDAQ:DOX) Downgraded by StockNews.com to Buy

StockNews.com lowered shares of Amdocs (NASDAQ:DOX) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday morning.

Several other analysts have also issued reports on DOX. Stifel Nicolaus started coverage on shares of Amdocs in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $100.00 target price on the stock. Oppenheimer upped their price target on shares of Amdocs from $98.00 to $105.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Barclays cut their price target on shares of Amdocs from $113.00 to $111.00 and set an “overweight” rating for the company in a report on Thursday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Amdocs has an average rating of “Moderate Buy” and a consensus price target of $101.83.

Amdocs Stock Down 1.4 %

Shares of NASDAQ DOX traded down $1.23 during midday trading on Thursday, reaching $84.48. 268,738 shares of the company’s stock traded hands, compared to its average volume of 680,095. The stock’s 50 day simple moving average is $88.18 and its 200-day simple moving average is $83.94. The company has a market cap of $9.93 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 1.42 and a beta of 0.74. Amdocs has a one year low of $74.41 and a one year high of $94.04. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21.

Amdocs Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.479 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Amdocs’s dividend payout ratio is presently 45.28%.

Hedge Funds Weigh In On Amdocs

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its position in shares of Amdocs by 1.7% in the third quarter. Janus Henderson Group PLC now owns 6,625,875 shares of the technology company’s stock valued at $579,632,000 after buying an additional 111,357 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of Amdocs by 12.3% in the 3rd quarter. Pzena Investment Management LLC now owns 6,363,739 shares of the technology company’s stock valued at $556,700,000 after purchasing an additional 696,136 shares during the period. LSV Asset Management increased its position in Amdocs by 7.9% in the 2nd quarter. LSV Asset Management now owns 3,207,155 shares of the technology company’s stock valued at $253,109,000 after buying an additional 234,096 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Amdocs by 36.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,175,790 shares of the technology company’s stock worth $277,818,000 after purchasing an additional 851,022 shares in the last quarter. Finally, Brandes Investment Partners LP boosted its stake in shares of Amdocs by 31.1% in the 2nd quarter. Brandes Investment Partners LP now owns 2,260,811 shares of the technology company’s stock worth $178,335,000 after buying an additional 536,359 shares during the last quarter. Institutional investors and hedge funds own 92.02% of the company’s stock.

Amdocs Company Profile

Amdocs Limited, through its subsidiaries, provides software and services worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. The company provides CES23, a 5G and cloud-native microservices-based market-leading customer experience suite, that enables service providers to build, deliver, and monetize advanced services; Amdocs Subscription Marketplace, a software-as-a-service-based platform that includes an expansive network of pre-integrated digital services, such as media, gaming, eLearning, sports, and retail to security and business services; the monetization suite for charging, billing, policy, and revenue management; Intelligent networking suite with a set of modular, flexible, and open service lifecycle management capabilities for network automation journeys; amAIz, a telco GenAI framework; Amdocs Digital Brands Suite, a pre-integrated digital business suite; and Amdocs eSIM Cloud for service providers.