SS&C Technologies (NASDAQ:SSNC) Downgraded to “Buy” at Needham & Company LLC
Needham & Company LLC cut shares of SS&C Technologies (NASDAQ:SSNC) from a strong-buy rating to a buy rating in a report issued on Thursday morning, Benzinga reports. The brokerage currently has $78.00 price target on the technology company’s stock, up from their previous price target of $65.00.
Several other equities research analysts have also recently weighed in on the company. Credit Suisse Group increased their price target on SS&C Technologies from $70.00 to $75.00 and gave the company an outperform rating in a research note on Thursday. DA Davidson raised their target price on SS&C Technologies from $62.00 to $72.00 and gave the stock a buy rating in a research note on Wednesday, January 8th. BTIG Research initiated coverage on SS&C Technologies in a research note on Monday, January 13th. They set a buy rating and a $72.00 target price for the company. JPMorgan Chase & Co. set a $69.00 target price on SS&C Technologies and gave the stock a buy rating in a research note on Friday, November 1st. Finally, BidaskClub cut SS&C Technologies from a buy rating to a hold rating in a research note on Friday, February 7th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average price target of $70.71.
Shares of SSNC stock traded up $0.68 on Thursday, hitting $66.26. The company had a trading volume of 1,440,900 shares, compared to its average volume of 1,280,676. The firm has a market cap of $16.70 billion, a P/E ratio of 49.08, a P/E/G ratio of 2.37 and a beta of 1.29. The stock’s 50-day moving average is $63.06 and its two-hundred day moving average is $55.25. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.08 and a current ratio of 1.08. SS&C Technologies has a twelve month low of $42.51 and a twelve month high of $67.73.
In related news, CEO William C. Stone sold 255,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $58.84, for a total transaction of $15,004,200.00. Following the completion of the sale, the chief executive officer now owns 31,931,624 shares of the company’s stock, valued at $1,878,856,756.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 72 shares of company stock valued at $4,373 in the last ninety days. 14.50% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. MAI Capital Management boosted its holdings in SS&C Technologies by 1.0% in the third quarter. MAI Capital Management now owns 25,965 shares of the technology company’s stock worth $1,339,000 after acquiring an additional 256 shares in the last quarter. First Republic Investment Management Inc. boosted its holdings in SS&C Technologies by 3.7% in the fourth quarter. First Republic Investment Management Inc. now owns 7,148 shares of the technology company’s stock worth $439,000 after acquiring an additional 256 shares in the last quarter. Nicolet Bankshares Inc. boosted its holdings in SS&C Technologies by 6.2% in the third quarter. Nicolet Bankshares Inc. now owns 5,500 shares of the technology company’s stock worth $284,000 after acquiring an additional 320 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in SS&C Technologies by 119.2% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 629 shares of the technology company’s stock worth $39,000 after acquiring an additional 342 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in SS&C Technologies by 8.3% in the third quarter. Park Avenue Securities LLC now owns 4,617 shares of the technology company’s stock worth $238,000 after acquiring an additional 354 shares in the last quarter. Institutional investors and hedge funds own 83.45% of the company’s stock.
About SS&C Technologies
SS&C Technologies Holdings, Inc provides software products and software-enabled services to financial services and healthcare industries in the United States, Canada, rest of the Americas, Europe, the Asia Pacific, and Japan. The company's 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, transfer agency, compliance, regulatory services, performance measurement, reconciliation, reporting, processing, and clearing.
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