Sumitomo Mitsui Trust Group Inc. lifted its holdings in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC - Free Report) by 9.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 525,197 shares of the technology company's stock after acquiring an additional 43,815 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.21% of SS&C Technologies worth $38,975,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. GSA Capital Partners LLP raised its position in SS&C Technologies by 109.4% during the third quarter. GSA Capital Partners LLP now owns 8,697 shares of the technology company's stock valued at $645,000 after acquiring an additional 4,544 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of SS&C Technologies during the 3rd quarter worth approximately $2,146,000. Wolverine Asset Management LLC increased its holdings in shares of SS&C Technologies by 198.8% during the 3rd quarter. Wolverine Asset Management LLC now owns 9,590 shares of the technology company's stock valued at $712,000 after purchasing an additional 19,300 shares in the last quarter. Covestor Ltd lifted its stake in shares of SS&C Technologies by 10.3% in the 3rd quarter. Covestor Ltd now owns 2,262 shares of the technology company's stock valued at $168,000 after purchasing an additional 212 shares during the period. Finally, Assetmark Inc. boosted its holdings in SS&C Technologies by 1.5% during the third quarter. Assetmark Inc. now owns 52,398 shares of the technology company's stock worth $3,888,000 after buying an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 96.95% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on SSNC shares. StockNews.com cut SS&C Technologies from a "strong-buy" rating to a "buy" rating in a report on Friday. DA Davidson reaffirmed a "buy" rating and set a $92.00 target price on shares of SS&C Technologies in a research note on Thursday, October 10th. Raymond James lifted their price target on shares of SS&C Technologies from $79.00 to $85.00 and gave the company a "strong-buy" rating in a research note on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an "outperform" rating in a research report on Thursday, September 19th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $90.00 target price on shares of SS&C Technologies in a research report on Friday, October 25th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, SS&C Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $77.75.
View Our Latest Stock Analysis on SSNC
Insider Activity
In other SS&C Technologies news, COO Rahul Kanwar sold 412,190 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $73.13, for a total transaction of $30,143,454.70. Following the completion of the sale, the chief operating officer now owns 57,642 shares of the company's stock, valued at $4,215,359.46. This trade represents a 87.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Jay Zamkow sold 19,000 shares of SS&C Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.97, for a total value of $1,443,430.00. Following the completion of the sale, the director now owns 22,576 shares in the company, valued at $1,715,098.72. This represents a 45.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 561,190 shares of company stock valued at $41,386,285. 15.40% of the stock is currently owned by insiders.
SS&C Technologies Price Performance
Shares of NASDAQ SSNC traded down $0.83 during mid-day trading on Friday, reaching $73.40. The company's stock had a trading volume of 1,564,268 shares, compared to its average volume of 1,081,484. The stock has a 50-day moving average of $74.03 and a two-hundred day moving average of $68.95. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a market capitalization of $18.18 billion, a P/E ratio of 26.31 and a beta of 1.39. SS&C Technologies Holdings, Inc. has a 1-year low of $54.44 and a 1-year high of $77.02.
SS&C Technologies (NASDAQ:SSNC - Get Free Report) last released its earnings results on Thursday, October 24th. The technology company reported $1.29 earnings per share for the quarter, topping analysts' consensus estimates of $1.26 by $0.03. SS&C Technologies had a net margin of 12.26% and a return on equity of 17.33%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the company posted $1.04 EPS. The business's revenue was up 7.3% on a year-over-year basis. On average, equities research analysts anticipate that SS&C Technologies Holdings, Inc. will post 4.62 EPS for the current fiscal year.
SS&C Technologies Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Tuesday, September 3rd. This is a positive change from SS&C Technologies's previous quarterly dividend of $0.24. SS&C Technologies's payout ratio is currently 35.84%.
SS&C Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.
About SS&C Technologies
(
Free Report)
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.
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