Raymond James Increases SS&C Technologies (NASDAQ:SSNC) Price Target to $85.00

SS&C Technologies (NASDAQ:SSNC) had its target price hoisted by equities researchers at Raymond James from $79.00 to $85.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the technology company’s stock. Raymond James’ price target indicates a potential upside of 22.27% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada boosted their target price 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 restated a “buy” rating and set a $92.00 target price on shares of SS&C Technologies in a research report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on shares of SS&C Technologies in a research report on Friday. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.00.

SS&C Technologies Stock Performance

Shares of NASDAQ SSNC traded down $5.63 during midday trading on Friday, reaching $69.52. 3,675,550 shares of the company were exchanged, compared to its average volume of 1,037,878. 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 stock has a fifty day simple moving average of $74.43 and a 200 day simple moving average of $67.66. SS&C Technologies has a 1 year low of $46.61 and a 1 year high of $77.02. The stock has a market cap of $17.19 billion, a P/E ratio of 27.77 and a beta of 1.38.

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

SS&C Technologies declared that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other SS&C Technologies news, Director Michael Jay Zamkow sold 19,000 shares of SS&C Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.97, for a total value of $1,443,430.00. Following the completion of the sale, the director now owns 22,576 shares in the company, valued at $1,715,098.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Rahul Kanwar sold 412,190 shares of SS&C Technologies stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $73.13, for a total value of $30,143,454.70. Following the transaction, the chief operating officer now directly owns 57,642 shares of the company’s stock, valued at $4,215,359.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael Jay Zamkow sold 19,000 shares of the 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 directly owns 22,576 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 609,690 shares of company stock worth $44,821,055. 15.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On SS&C Technologies

Several large investors have recently made changes to their positions in SSNC. Quent Capital LLC raised its position in SS&C Technologies by 76.8% in the first quarter. Quent Capital LLC now owns 396 shares of the technology company’s stock valued at $25,000 after purchasing an additional 172 shares during the period. Innealta Capital LLC purchased a new stake in shares of SS&C Technologies during the 2nd quarter valued at about $26,000. Ashton Thomas Private Wealth LLC acquired a new position in SS&C Technologies during the 2nd quarter worth approximately $35,000. Benjamin Edwards Inc. boosted 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 worth $42,000 after acquiring an additional 204 shares during the period. Finally, Versant Capital Management Inc grew its position in SS&C Technologies by 6,300.0% in the second quarter. Versant Capital Management Inc now owns 704 shares of the technology company’s stock valued at $44,000 after acquiring an additional 693 shares in the last quarter. Institutional investors and hedge funds 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.