Cornercap Investment Counsel Inc. Sells 7,436 Shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

Cornercap Investment Counsel Inc. reduced its holdings in shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) by 39.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,364 shares of the technology company’s stock after selling 7,436 shares during the period. Cornercap Investment Counsel Inc.’s holdings in SS&C Technologies were worth $843,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Diamond Hill Capital Management Inc. grew its position in SS&C Technologies by 0.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 7,798,723 shares of the technology company’s stock worth $488,746,000 after acquiring an additional 53,080 shares during the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of SS&C Technologies by 4.3% in the second quarter. Burgundy Asset Management Ltd. now owns 4,942,374 shares of the technology company’s stock worth $309,739,000 after purchasing an additional 201,632 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of SS&C Technologies by 0.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,860,256 shares of the technology company’s stock worth $248,485,000 after buying an additional 25,183 shares during the period. Millennium Management LLC raised its holdings in SS&C Technologies by 49.2% during the 2nd quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock valued at $213,070,000 after buying an additional 1,120,961 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in SS&C Technologies by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,696,702 shares of the technology company’s stock valued at $168,995,000 after buying an additional 349,911 shares during the period. 96.95% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SS&C Technologies

In related 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 value of $30,143,454.70. Following the transaction, the chief operating officer now directly owns 57,642 shares of the company’s stock, valued at approximately $4,215,359.46. This trade represents a 87.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Jay Zamkow sold 19,000 shares of the business’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 directly owns 22,576 shares of the company’s stock, valued at $1,715,098.72. This represents a 45.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 561,190 shares of company stock worth $41,386,285. 15.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SSNC. Royal Bank of Canada increased their target price on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. DA Davidson reiterated a “buy” rating and issued a $92.00 price objective on shares of SS&C Technologies in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $90.00 price target on shares of SS&C Technologies in a research note on Friday, October 25th. 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 report on Friday, October 25th. Finally, StockNews.com cut shares of SS&C Technologies from a “strong-buy” rating to a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $77.75.

SS&C Technologies Stock Down 1.1 %

SSNC stock opened at $73.40 on Friday. The stock has a market capitalization of $18.18 billion, a P/E ratio of 26.31 and a beta of 1.39. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.21 and a quick ratio of 1.21. SS&C Technologies Holdings, Inc. has a 1-year low of $54.44 and a 1-year high of $77.02. The business has a fifty day moving average price of $74.03 and a 200-day moving average price of $68.90.

SS&C Technologies (NASDAQ:SSNC) last posted its earnings results on Thursday, October 24th. The technology company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.03. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.44 billion. SS&C Technologies had a net margin of 12.26% and a return on equity of 17.33%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 EPS. Equities analysts forecast that SS&C Technologies Holdings, Inc. will post 4.62 earnings per share for the current fiscal year.

SS&C Technologies announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

SS&C Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.00 annualized dividend and a dividend yield of 1.36%. This is a positive change from SS&C Technologies’s previous quarterly dividend of $0.24. SS&C Technologies’s payout ratio is presently 35.84%.

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.