Oppenheimer Forecasts Strong Price Appreciation for Amdocs (NASDAQ:DOX) Stock

Amdocs (NASDAQ:DOX) had its price target upped by research analysts at Oppenheimer from $98.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price points to a potential upside of 23.25% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. StockNews.com raised Amdocs from a “buy” rating to a “strong-buy” rating in a report on Friday, October 25th. Stifel Nicolaus started coverage on Amdocs in a report on Wednesday, October 2nd. They set a “buy” rating and a $100.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Amdocs presently has an average rating of “Moderate Buy” and an average price target of $101.83.

Amdocs Stock Performance

Shares of NASDAQ DOX traded down $0.52 during midday trading on Wednesday, hitting $85.19. 29,340 shares of the stock traded hands, compared to its average volume of 679,017. The firm has a 50-day moving average of $88.18 and a two-hundred day moving average of $83.94. The firm has a market capitalization of $10.01 billion, a P/E ratio of 20.21, a PEG ratio of 1.42 and a beta of 0.74. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. Amdocs has a one year low of $74.41 and a one year high of $94.04.

Hedge Funds Weigh In On Amdocs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC lifted its position in shares of Amdocs by 33.2% in the second quarter. Pzena Investment Management LLC now owns 5,667,603 shares of the technology company’s stock valued at $447,287,000 after acquiring an additional 1,412,826 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Amdocs by 36.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,175,790 shares of the technology company’s stock valued at $277,818,000 after acquiring an additional 851,022 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Amdocs by 39.5% in the first quarter. Vanguard Group Inc. now owns 2,033,536 shares of the technology company’s stock valued at $183,771,000 after acquiring an additional 576,168 shares in the last quarter. Brandes Investment Partners LP lifted its position in shares of Amdocs by 31.1% in the second quarter. Brandes Investment Partners LP now owns 2,260,811 shares of the technology company’s stock valued at $178,335,000 after acquiring an additional 536,359 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of Amdocs by 36.2% in the second quarter. Pacer Advisors Inc. now owns 1,675,784 shares of the technology company’s stock valued at $132,253,000 after acquiring an additional 444,966 shares in the last quarter. 92.02% of the stock is currently owned by hedge funds and other institutional investors.

About Amdocs

Amdocs Limited, through its subsidiaries, provides software and services worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. The company provides CES23, a 5G and cloud-native microservices-based market-leading customer experience suite, that enables service providers to build, deliver, and monetize advanced services; Amdocs Subscription Marketplace, a software-as-a-service-based platform that includes an expansive network of pre-integrated digital services, such as media, gaming, eLearning, sports, and retail to security and business services; the monetization suite for charging, billing, policy, and revenue management; Intelligent networking suite with a set of modular, flexible, and open service lifecycle management capabilities for network automation journeys; amAIz, a telco GenAI framework; Amdocs Digital Brands Suite, a pre-integrated digital business suite; and Amdocs eSIM Cloud for service providers.