Groesbeck Investment Management Corp NJ Sells 1,000 Shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

Groesbeck Investment Management Corp NJ cut its stake in shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) by 8.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,873 shares of the technology company’s stock after selling 1,000 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in SS&C Technologies were worth $807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Swedbank AB bought a new stake in shares of SS&C Technologies during the 1st quarter valued at $94,939,000. Millennium Management LLC increased its holdings in SS&C Technologies by 49.2% in the 2nd quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock worth $213,070,000 after acquiring an additional 1,120,961 shares in the last quarter. AQR Capital Management LLC grew its holdings in SS&C Technologies by 82.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,267,057 shares of the technology company’s stock valued at $78,900,000 after buying an additional 571,334 shares in the last quarter. Capital International Investors grew its holdings in shares of SS&C Technologies by 111.1% in the first quarter. Capital International Investors now owns 1,071,540 shares of the technology company’s stock valued at $68,975,000 after purchasing an additional 564,017 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of SS&C Technologies in the first quarter valued at $31,305,000. 96.95% of the stock is currently owned by institutional investors.

SS&C Technologies Stock Down 6.8 %

Shares of NASDAQ:SSNC traded down $5.11 during trading on Friday, reaching $70.04. 5,279,583 shares of the company traded hands, compared to its average volume of 1,045,626. The firm has a fifty day simple moving average of $74.38 and a 200 day simple moving average of $67.71. The firm has a market cap of $17.32 billion, a P/E ratio of 27.90 and a beta of 1.38. SS&C Technologies Holdings, Inc. has a 1-year low of $46.61 and a 1-year high of $77.02. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.01.

SS&C Technologies (NASDAQ:SSNC) last released its earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.07. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. SS&C Technologies had a net margin of 12.33% and a return on equity of 17.43%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 EPS. Analysts anticipate that SS&C Technologies Holdings, Inc. will post 4.66 earnings per share for the current fiscal year.

SS&C Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.43%. This is a positive change from SS&C Technologies’s previous quarterly dividend of $0.24. SS&C Technologies’s dividend payout ratio is currently 39.84%.

SS&C Technologies announced that its Board of Directors has authorized a stock buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on SSNC. Royal Bank of Canada lifted their price objective on SS&C Technologies from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, September 19th. DA Davidson reissued a “buy” rating and issued a $92.00 price target on shares of SS&C Technologies in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of SS&C Technologies in a research note on Friday. Finally, Raymond James upped their target price on SS&C Technologies from $79.00 to $85.00 and gave the company a “strong-buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, SS&C Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $75.00.

Insider Activity at SS&C Technologies

In related news, Director Michael Jay Zamkow sold 19,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 22,576 shares of the company’s stock, valued at $1,715,098.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Smita Conjeevaram sold 48,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $70.82, for a total value of $3,434,770.00. Following the sale, the director now owns 9,576 shares of the company’s stock, valued at $678,172.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael Jay Zamkow sold 19,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.97, for a total transaction of $1,443,430.00. Following the sale, the director now directly owns 22,576 shares in the company, valued at $1,715,098.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 609,690 shares of company stock valued at $44,821,055 over the last quarter. 15.40% of the stock is owned by company insiders.

SS&C Technologies Profile

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.