SS&C Technologies (NASDAQ:SSNC) Stock Rating Lowered by Zacks Investment Research

SS&C Technologies (NASDAQ:SSNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “SS&C Technologies Holdings, Inc. delivers investment and financial management software and related services focused exclusively on the financial services industry. The Company provides a broad range of specialized software, software enabled-services and software as a service (SaaS) solutions for operational excellence. SS&C Technologies delivers mission-critical processing for information management, analysis, trading, accounting, reporting and compliance. The Company serves clients in the following market verticals: 1) insurance entities and pension funds, 2) institutional asset management, 3) alternative investment management 4) treasury, banks and credit unions, 5) municipal finance, 6) real estate property management, 7) commercial lending, and 8) financial markets. SS&C Technologies Holdings, Inc. is headquartered in Windsor, CT and has offices throughout North America, Europe, Asia, and Australia. “

Several other brokerages have also commented on SSNC. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of SS&C Technologies in a research note on Friday, November 12th. Morgan Stanley increased their target price on SS&C Technologies from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, October 29th. Truist increased their target price on SS&C Technologies from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, August 2nd. Raymond James increased their target price on SS&C Technologies from $94.00 to $95.00 and gave the stock a “strong-buy” rating in a research note on Friday, October 29th. Finally, Royal Bank of Canada increased their target price on SS&C Technologies from $86.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday, October 29th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $85.42.

Shares of SS&C Technologies stock opened at $79.90 on Wednesday. SS&C Technologies has a 52 week low of $62.51 and a 52 week high of $80.55. The business’s fifty day simple moving average is $74.51 and its 200-day simple moving average is $74.34. The firm has a market cap of $20.32 billion, a PE ratio of 28.64 and a beta of 1.58. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.02.

SS&C Technologies (NASDAQ:SSNC) last announced its quarterly earnings results on Thursday, October 28th. The technology company reported $1.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.12. SS&C Technologies had a return on equity of 21.12% and a net margin of 15.04%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the company posted $1.04 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts expect that SS&C Technologies will post 4.65 earnings per share for the current year.

In other SS&C Technologies news, CEO William C. Stone sold 280,000 shares of the stock in a transaction dated Tuesday, September 21st. The stock was sold at an average price of $68.85, for a total value of $19,278,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 14.60% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of SS&C Technologies by 20.8% in the 2nd quarter. BlackRock Inc. now owns 21,096,137 shares of the technology company’s stock valued at $1,520,188,000 after acquiring an additional 3,631,504 shares during the last quarter. Boston Partners increased its holdings in shares of SS&C Technologies by 1.5% in the 3rd quarter. Boston Partners now owns 5,955,995 shares of the technology company’s stock valued at $413,411,000 after acquiring an additional 88,335 shares during the last quarter. State Street Corp increased its holdings in shares of SS&C Technologies by 8.6% in the 2nd quarter. State Street Corp now owns 5,556,708 shares of the technology company’s stock valued at $400,416,000 after acquiring an additional 442,246 shares during the last quarter. Baupost Group LLC MA increased its holdings in shares of SS&C Technologies by 15.1% in the 3rd quarter. Baupost Group LLC MA now owns 3,816,892 shares of the technology company’s stock valued at $264,892,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of SS&C Technologies by 11.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,377,058 shares of the technology company’s stock valued at $234,076,000 after acquiring an additional 342,661 shares during the last quarter. Institutional investors and hedge funds own 81.41% of the company’s stock.

About SS&C Technologies

SS&C Technologies Holdings, Inc engages in the development and provision of software solutions to the financial services and healthcare industries. It operates through the following geographical segments: United States, Europe, Middle East and Africa, Asia Pacific and Japan, Canada, and the Americas, excluding the United States and Canada.

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