Zacks Investment Research upgraded shares of SS&C Technologies (NASDAQ:SSNC) from a hold rating to a strong-buy rating in a report released on Friday morning. The brokerage currently has $59.00 target price on the technology company’s stock.
According to Zacks, “SS&C Technologies Holdings, Inc. delivers investment and financial management software and related services focused exclusively on the financial services industry. The Company provides a broad range of specialized software, software enabled-services and software as a service (SaaS) solutions for operational excellence. SS&C Technologies delivers mission-critical processing for information management, analysis, trading, accounting, reporting and compliance. The Company serves clients in the following market verticals: 1) insurance entities and pension funds, 2) institutional asset management, 3) alternative investment management 4) treasury, banks and credit unions, 5) municipal finance, 6) real estate property management, 7) commercial lending, and 8) financial markets. SS&C Technologies Holdings, Inc. is headquartered in Windsor, CT and has offices throughout North America, Europe, Asia, and Australia. “
A number of other research firms have also weighed in on SSNC. BidaskClub lowered SS&C Technologies from a strong-buy rating to a buy rating in a research note on Wednesday, April 4th. ValuEngine raised SS&C Technologies from a hold rating to a buy rating in a research note on Thursday, March 1st. Jefferies Group reissued a buy rating on shares of SS&C Technologies in a research note on Friday, January 12th. Needham & Company LLC reissued a buy rating and set a $60.00 price objective (up previously from $44.00) on shares of SS&C Technologies in a research note on Friday, January 12th. Finally, William Blair lowered SS&C Technologies from an outperform rating to a market perform rating in a research note on Tuesday, January 16th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the stock. SS&C Technologies has an average rating of Buy and a consensus price target of $51.20.
SS&C Technologies (NASDAQ:SSNC) last released its quarterly earnings data on Thursday, February 15th. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $439.40 million during the quarter, compared to analyst estimates of $433.44 million. SS&C Technologies had a return on equity of 15.39% and a net margin of 19.63%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 earnings per share. research analysts predict that SS&C Technologies will post 2.32 EPS for the current year.
In related news, CFO Patrick J. Pedonti sold 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $49.73, for a total value of $994,600.00. Following the completion of the sale, the chief financial officer now owns 20,000 shares of the company’s stock, valued at $994,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 17.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vulcan Value Partners LLC purchased a new stake in SS&C Technologies in the fourth quarter worth $150,111,000. ArrowMark Colorado Holdings LLC raised its holdings in SS&C Technologies by 5.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,262,040 shares of the technology company’s stock worth $132,047,000 after purchasing an additional 162,896 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in SS&C Technologies by 14.0% in the fourth quarter. Allianz Asset Management GmbH now owns 3,252,750 shares of the technology company’s stock worth $131,672,000 after purchasing an additional 399,733 shares in the last quarter. Burgundy Asset Management Ltd. raised its holdings in SS&C Technologies by 0.8% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,674,156 shares of the technology company’s stock worth $108,250,000 after purchasing an additional 21,790 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in SS&C Technologies by 66.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,671,877 shares of the technology company’s stock worth $108,158,000 after purchasing an additional 1,064,603 shares in the last quarter. 74.20% of the stock is owned by institutional investors.
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About SS&C Technologies
SS&C Technologies Holdings, Inc provides software products and software-enabled services to financial services providers. Its products and services allow its clients to automate and integrate front-office functions, such as trading and modeling; middle-office functions, including portfolio management and reporting; and back-office functions comprising accounting, performance measurement, reconciliation, reporting, processing, and clearing.
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