Magnetar Financial LLC Grows Stock Position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

Magnetar Financial LLC increased its position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) by 877.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,089 shares of the technology company’s stock after acquiring an additional 65,611 shares during the period. Magnetar Financial LLC’s holdings in SS&C Technologies were worth $4,580,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Quent Capital LLC grew its holdings in SS&C Technologies by 76.8% in the 1st quarter. Quent Capital LLC now owns 396 shares of the technology company’s stock valued at $25,000 after buying an additional 172 shares during the period. Innealta Capital LLC bought a new position in SS&C Technologies during the second quarter valued at about $26,000. ST Germain D J Co. Inc. purchased a new stake in shares of SS&C Technologies during the first quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in SS&C Technologies in the 2nd quarter worth about $35,000. Finally, Benjamin Edwards Inc. lifted its stake in SS&C Technologies by 43.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 675 shares of the technology company’s stock worth $42,000 after acquiring an additional 204 shares in the last quarter. Institutional investors and hedge funds own 96.95% of the company’s stock.

Insider Activity

In other news, COO Rahul Kanwar sold 412,190 shares of SS&C Technologies stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 57,642 shares in the company, valued at approximately $4,215,359.46. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, COO Rahul Kanwar sold 412,190 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 57,642 shares in the company, valued at approximately $4,215,359.46. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Smita Conjeevaram sold 48,500 shares of SS&C Technologies stock in a transaction on 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 transaction, the director now owns 9,576 shares of the company’s stock, valued at approximately $678,172.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 590,690 shares of company stock worth $43,377,625. 15.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SSNC has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on SS&C Technologies from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday. Needham & Company LLC boosted their price objective on SS&C Technologies from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, DA Davidson boosted their target price on SS&C Technologies from $88.00 to $92.00 and gave the stock a “buy” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.75.

SS&C Technologies Price Performance

SS&C Technologies stock opened at $75.53 on Monday. The stock’s 50 day moving average is $72.07 and its 200 day moving average is $65.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $18.68 billion, a P/E ratio of 30.09 and a beta of 1.38. SS&C Technologies Holdings, Inc. has a one year low of $46.61 and a one year high of $76.94.

SS&C Technologies (NASDAQ:SSNC) last announced its quarterly earnings results on Thursday, July 25th. The technology company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.07. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. SS&C Technologies had a return on equity of 17.43% and a net margin of 12.33%. SS&C Technologies’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.96 earnings per share. As a group, research analysts expect that SS&C Technologies Holdings, Inc. will post 4.66 EPS for the current year.

SS&C Technologies announced that its board has initiated a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the technology company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

SS&C Technologies Increases Dividend

The company 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 is a positive change from SS&C Technologies’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.32%. SS&C Technologies’s dividend payout ratio is 39.84%.

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.