SS&C Technologies (NASDAQ:SSNC) Shares Gap Down – Here’s What Happened

SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)’s share price gapped down before the market opened on Monday. The stock had previously closed at $89.54, but opened at $82.96. SS&C Technologies shares last traded at $83.5590, with a volume of 55,287 shares.

Analyst Upgrades and Downgrades

SSNC has been the subject of a number of recent analyst reports. DA Davidson upped their price objective on SS&C Technologies from $96.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. Royal Bank Of Canada raised their target price on SS&C Technologies from $92.00 to $101.00 and gave the stock an “outperform” rating in a report on Monday, August 31st. Weiss Ratings upgraded SS&C Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 25th. UBS Group reaffirmed a “buy” rating on shares of SS&C Technologies in a research note on Friday. Finally, Jefferies Financial Group increased their price target on shares of SS&C Technologies from $83.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $96.57.

SS&C Technologies Stock Performance

The company has a fifty day simple moving average of $81.44 and a two-hundred day simple moving average of $74.47.

SS&C Technologies (NASDAQ:SSNC) last announced its quarterly earnings results on Thursday, October 22nd. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.01. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.69 billion. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.57 earnings per share. On average, equities analysts predict that SS&C Technologies Holdings, Inc. will post 6.26 EPS for the current year.

SS&C Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from SS&C Technologies’s previous quarterly dividend of $0.27.

Institutional Investors Weigh In On SS&C Technologies

Several large investors have recently made changes to their positions in SSNC. BlackRock Inc. bought a new stake in SS&C Technologies in the 2nd quarter valued at $1,043,987,000. Pzena Investment Management LLC bought a new stake in shares of SS&C Technologies in the second quarter valued at about $684,819,000. Swedbank AB boosted its position in shares of SS&C Technologies by 15.0% during the first quarter. Swedbank AB now owns 4,307,795 shares of the technology company’s stock worth $291,078,000 after buying an additional 563,196 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of SS&C Technologies by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,115,616 shares of the technology company’s stock worth $210,508,000 after buying an additional 60,089 shares during the period. Finally, Jupiter Topco LLC bought a new position in shares of SS&C Technologies during the second quarter worth about $178,337,000. Institutional investors own 96.90% of the company’s stock.

SS&C Technologies Company Profile

SS&C Technologies Holdings, Inc is a global provider of software and technology-enabled services for the financial services and healthcare industries. The company helps investment firms, banks, insurers, corporations and healthcare organizations manage operations, data, reporting and regulatory requirements through integrated technology platforms and outsourced services.

Its financial services offerings support areas including investment and fund accounting, portfolio and wealth management, trading and risk management, alternative investments, private markets, transfer agency, fund administration and investor communications.