Needham & Company LLC Raises SS&C Technologies (NASDAQ:SSNC) Price Target to $74.00

SS&C Technologies (NASDAQ:SSNC) had its target price raised by Needham & Company LLC from $70.00 to $74.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities analysts have also recently commented on the stock. TheStreet raised shares of SS&C Technologies from a c+ rating to a b rating in a research report on Friday, February 23rd. Citigroup boosted their price objective on SS&C Technologies from $70.00 to $71.00 and gave the stock a buy rating in a research report on Thursday, February 15th. Truist Financial raised their target price on SS&C Technologies from $55.00 to $60.00 and gave the company a hold rating in a research report on Wednesday, February 14th. Royal Bank of Canada boosted their price target on shares of SS&C Technologies from $65.00 to $72.00 and gave the stock an outperform rating in a report on Wednesday, February 14th. Finally, StockNews.com upgraded shares of SS&C Technologies from a buy rating to a strong-buy rating in a research note on Monday, January 29th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, SS&C Technologies presently has an average rating of Moderate Buy and an average price target of $70.20.

SS&C Technologies Stock Up 1.1 %

Shares of NASDAQ:SSNC opened at $61.92 on Friday. The business’s 50 day moving average is $62.78 and its 200 day moving average is $59.24. SS&C Technologies has a 12-month low of $46.61 and a 12-month high of $65.86. The stock has a market cap of $15.31 billion, a price-to-earnings ratio of 24.67 and a beta of 1.43. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

SS&C Technologies (NASDAQ:SSNC) last issued its quarterly earnings data on Tuesday, February 13th. The technology company reported $1.13 earnings per share for the quarter, meeting the consensus estimate of $1.13. SS&C Technologies had a return on equity of 17.24% and a net margin of 11.46%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.39 billion. On average, sell-side analysts forecast that SS&C Technologies will post 4.61 earnings per share for the current fiscal year.

SS&C Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Thursday, February 29th. SS&C Technologies’s payout ratio is currently 38.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC boosted its holdings in shares of SS&C Technologies by 7.6% in the first quarter. Commonwealth Equity Services LLC now owns 8,439 shares of the technology company’s stock worth $543,000 after acquiring an additional 597 shares during the period. Principal Financial Group Inc. lifted its holdings in SS&C Technologies by 34.6% during the 1st quarter. Principal Financial Group Inc. now owns 18,422 shares of the technology company’s stock worth $1,186,000 after purchasing an additional 4,732 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in SS&C Technologies by 19.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 35,949 shares of the technology company’s stock worth $2,314,000 after purchasing an additional 5,831 shares during the period. Cornerstone Investment Partners LLC grew its holdings in SS&C Technologies by 8.8% during the 1st quarter. Cornerstone Investment Partners LLC now owns 1,008,141 shares of the technology company’s stock valued at $64,894,000 after buying an additional 81,317 shares in the last quarter. Finally, Marks Group Wealth Management Inc increased its position in shares of SS&C Technologies by 0.8% during the first quarter. Marks Group Wealth Management Inc now owns 110,309 shares of the technology company’s stock valued at $7,101,000 after buying an additional 927 shares during the period. 96.95% of the stock is currently owned by hedge funds and other 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.