Royal Bank of Canada Increases SS&C Technologies (NASDAQ:SSNC) Price Target to $86.00

SS&C Technologies (NASDAQ:SSNC) had its target price hoisted by equities researchers at Royal Bank of Canada from $75.00 to $86.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price points to a potential upside of 13.86% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. Needham & Company LLC lifted their price objective on shares of SS&C Technologies from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. DA Davidson increased their price target on shares of SS&C Technologies from $84.00 to $88.00 and gave the company a “buy” rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.75.

SS&C Technologies Price Performance

NASDAQ:SSNC opened at $75.53 on Thursday. The business’s 50-day moving average is $72.07 and its 200 day moving average is $65.72. SS&C Technologies has a 12 month low of $46.61 and a 12 month high of $76.94. The company has a market capitalization of $18.54 billion, a P/E ratio of 30.09 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.

SS&C Technologies (NASDAQ:SSNC) last issued its quarterly earnings data on Thursday, July 25th. The technology company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the firm earned $0.96 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that SS&C Technologies will post 4.66 earnings per share for the current fiscal year.

SS&C Technologies announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at SS&C Technologies

In other SS&C Technologies news, Director Normand A. Boulanger sold 130,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $75.38, for a total value of $9,799,400.00. Following the transaction, the director now owns 333,576 shares of the company’s stock, valued at approximately $25,144,958.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SS&C Technologies news, Director Normand A. Boulanger sold 130,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $75.38, for a total value of $9,799,400.00. Following the completion of the sale, the director now directly owns 333,576 shares of the company’s stock, valued at approximately $25,144,958.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Smita Conjeevaram sold 48,500 shares of the firm’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 in the company, valued at $678,172.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 590,690 shares of company stock worth $43,377,625. 15.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SS&C Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quent Capital LLC grew its position in shares of SS&C Technologies by 76.8% during the 1st quarter. Quent Capital LLC now owns 396 shares of the technology company’s stock worth $25,000 after buying an additional 172 shares in the last quarter. Innealta Capital LLC purchased a new stake in SS&C Technologies in the second quarter worth about $26,000. ST Germain D J Co. Inc. bought a new position in SS&C Technologies during the 1st quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in SS&C Technologies during the 2nd quarter valued at about $35,000. Finally, Benjamin Edwards Inc. raised its holdings in shares of SS&C Technologies by 43.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 675 shares of the technology company’s stock valued at $42,000 after purchasing an additional 204 shares in the last quarter. 96.95% of the stock is owned by institutional investors.

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.