DXC Technology (NYSE:DXC) Stock Price Up 9.4% – Here’s Why

DXC Technology Company. (NYSE:DXC)’s share price was up 9.4% during mid-day trading on Wednesday . The stock traded as high as $9.65 and last traded at $9.6860. 2,398,163 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 3,862,121 shares. The stock had previously closed at $8.85.

Analyst Ratings Changes

DXC has been the subject of a number of recent research reports. Royal Bank Of Canada reiterated a “sector perform” rating and set a $16.00 price objective on shares of DXC Technology in a research report on Friday, June 12th. TD Cowen cut their target price on DXC Technology from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Zacks Research lowered DXC Technology from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Wall Street Zen lowered DXC Technology from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, BMO Capital Markets decreased their price target on DXC Technology from $17.00 to $10.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $12.75.

DXC Technology Price Performance

The company has a market cap of $1.58 billion, a PE ratio of 161.25 and a beta of 0.81. The stock has a fifty day moving average price of $9.74 and a 200-day moving average price of $12.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.36 and a quick ratio of 1.36.

DXC Technology (NYSE:DXC) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.07. DXC Technology had a return on equity of 17.24% and a net margin of 0.14%.The business had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. DXC Technology’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts expect that DXC Technology Company. will post 2.64 earnings per share for the current year.

Insider Activity

In related news, CEO Raul J. Fernandez purchased 28,051 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $8.90 per share, for a total transaction of $249,653.90. Following the completion of the acquisition, the chief executive officer owned 844,052 shares in the company, valued at $7,512,062.80. This trade represents a 3.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On DXC Technology

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in shares of DXC Technology by 97.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,933,973 shares of the company’s stock valued at $60,150,000 after acquiring an additional 1,936,726 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in DXC Technology by 2,316.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,570,035 shares of the company’s stock valued at $23,001,000 after purchasing an additional 1,505,069 shares during the last quarter. UBS Group AG boosted its position in DXC Technology by 131.2% during the third quarter. UBS Group AG now owns 2,047,395 shares of the company’s stock valued at $27,906,000 after purchasing an additional 1,161,879 shares during the last quarter. Qube Research & Technologies Ltd grew its stake in DXC Technology by 1,156.1% in the second quarter. Qube Research & Technologies Ltd now owns 1,132,578 shares of the company’s stock valued at $17,317,000 after purchasing an additional 1,042,409 shares in the last quarter. Finally, SEB Asset Management AB purchased a new position in DXC Technology in the first quarter valued at about $12,103,000. Institutional investors and hedge funds own 96.20% of the company’s stock.

About DXC Technology

DXC Technology, headquartered in Tysons Corner, Virginia, is a global leader in IT services and solutions. The company was formed in 2017 through the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise, combining decades of experience in consulting, systems integration and managed services. Since its inception, DXC has focused on helping clients modernize IT environments and drive digital transformation across their organizations.

DXC Technology’s core service offerings encompass cloud and platform services, applications and analytics, security, and workplace and mobility solutions.