SS&C Technologies (NASDAQ:SSNC) Rating Reiterated by Needham & Company LLC

SS&C Technologies (NASDAQ:SSNC)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They presently have a $90.00 price target on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 28.50% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. DA Davidson reiterated a “buy” rating and issued a $92.00 price target on shares of SS&C Technologies in a research report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, SS&C Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.00.

SS&C Technologies Stock Performance

Shares of SSNC stock opened at $70.04 on Friday. The firm has a market capitalization of $17.32 billion, a price-to-earnings ratio of 27.90 and a beta of 1.38. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.01. The business’s 50-day moving average price is $74.38 and its 200-day moving average price is $67.75. SS&C Technologies has a 12 month low of $46.61 and a 12 month high of $77.02.

SS&C Technologies (NASDAQ:SSNC) last posted its earnings results on Thursday, July 25th. The technology company reported $1.27 EPS 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 business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the company earned $0.96 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts forecast that SS&C Technologies will post 4.66 EPS for the current year.

SS&C Technologies announced that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Smita Conjeevaram sold 48,500 shares of the company’s stock in a transaction that occurred 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 directly owns 9,576 shares of the company’s stock, valued at $678,172.32. This represents 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 through this link. In other news, Director Smita Conjeevaram sold 48,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $70.82, for a total transaction of $3,434,770.00. Following the completion of the sale, the director now directly owns 9,576 shares of the company’s stock, valued at $678,172.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Rahul Kanwar sold 412,190 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 57,642 shares in the company, valued at approximately $4,215,359.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 609,690 shares of company stock worth $44,821,055. Corporate insiders own 15.40% of the company’s stock.

Institutional Investors Weigh In On SS&C Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of SSNC. Pzena Investment Management LLC grew its stake in shares of SS&C Technologies by 0.3% in the 1st quarter. Pzena Investment Management LLC now owns 14,519,103 shares of the technology company’s stock worth $934,595,000 after acquiring an additional 46,211 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in SS&C Technologies by 0.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 7,798,723 shares of the technology company’s stock valued at $488,746,000 after buying an additional 53,080 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of SS&C Technologies by 4.3% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 4,942,374 shares of the technology company’s stock worth $309,739,000 after buying an additional 201,632 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of SS&C Technologies by 0.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,860,256 shares of the technology company’s stock worth $248,485,000 after buying an additional 25,183 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of SS&C Technologies by 49.2% in the second quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock valued at $213,070,000 after acquiring an additional 1,120,961 shares in the last quarter. 96.95% of the stock is owned by hedge funds and other institutional investors.

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.