Congress Asset Management Co. Purchases New Stake in ACI Worldwide, Inc. (NASDAQ:ACIW)

Congress Asset Management Co. purchased a new position in shares of ACI Worldwide, Inc. (NASDAQ:ACIW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,078,752 shares of the technology company's stock, valued at approximately $55,998,000. Congress Asset Management Co. owned about 1.03% of ACI Worldwide as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its stake in ACI Worldwide by 56.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 18,218 shares of the technology company's stock worth $946,000 after buying an additional 6,602 shares during the last quarter. Verition Fund Management LLC grew its stake in ACI Worldwide by 86.5% during the 3rd quarter. Verition Fund Management LLC now owns 19,724 shares of the technology company's stock worth $1,004,000 after buying an additional 9,149 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of ACI Worldwide in the 3rd quarter valued at approximately $1,248,000. Harbor Capital Advisors Inc. grew its stake in shares of ACI Worldwide by 14.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 133,681 shares of the technology company's stock valued at $6,804,000 after purchasing an additional 17,105 shares during the last quarter. Finally, State Street Corp grew its stake in shares of ACI Worldwide by 1.3% in the 3rd quarter. State Street Corp now owns 4,455,864 shares of the technology company's stock valued at $226,803,000 after purchasing an additional 56,919 shares during the last quarter. Hedge funds and other institutional investors own 94.74% of the company's stock.

ACI Worldwide Stock Performance

Shares of ACIW stock traded down $0.53 during midday trading on Wednesday, hitting $52.20. The company had a trading volume of 651,896 shares, compared to its average volume of 599,946. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.56 and a quick ratio of 1.56. ACI Worldwide, Inc. has a 52-week low of $29.98 and a 52-week high of $59.71. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 24.74 and a beta of 1.20. The company's 50 day simple moving average is $53.00 and its 200 day simple moving average is $51.74.

Insider Activity at ACI Worldwide

In related news, CTO Abraham Kuruvilla sold 5,400 shares of ACI Worldwide stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $55.71, for a total value of $300,834.00. Following the sale, the chief technology officer now directly owns 81,107 shares in the company, valued at $4,518,470.97. The trade was a 6.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson downgraded ACI Worldwide from a "buy" rating to a "neutral" rating and lifted their target price for the company from $57.00 to $60.00 in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACI Worldwide presently has a consensus rating of "Hold" and a consensus target price of $49.50.

ACI Worldwide Company Profile

ACI Worldwide, Inc, a software company, develops, markets, installs, and supports a range of software products and solutions for facilitating digital payments in the United States and internationally. The company operates in three segments: Banks, Merchants, and Billers. The company offers ACI Acquiring, a solution to process credit, debit, and prepaid card transactions, deliver digital innovation, and fraud prevention; ACI Issuing, a digital payment issuing solution for new payment offering; and ACI Enterprise Payments Platform that provides payment processing and orchestration capabilities for digital payments.