SS&C Technologies Analysts Increase Their Forecasts Following Strong Results

Author: Avi Kapoor | February 14, 2024 02:08pm

SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) reported better-than-expected fourth-quarter results on Tuesday.

SS&C Technologies posted adjusted earnings of $1.26 per share, beating market estimates of $1.24 per share. The company’s quarterly adjusted sales came in at $1.41 billion versus expectations of $1.39 billion, according to data from Benzinga Pro.

"SS&C exited 2023 with record adjusted revenue and record adjusted consolidated EBITDA, and we believe we have momentum to start the year," says Bill Stone, Chairman and Chief Executive Officer. "We are seeing opportunities across the financial services industry, and anticipate market conditions to strengthen. And with DomaniRX successfully launching on January 1, 2024, we are seeing opportunities in healthcare."

SS&C Technologies said it expects FY24 adjusted revenue of $5.667 billion to $5.867 billion and adjusted EPS of $4.85 to $5.15.

SS&C Technologies shares gained 4.2% to trade at $62.69 on Wednesday.

These analysts made changes to their price targets on SS&C Technologies after the company reported quarterly results.

• Needham boosted the price target on SS&C Technologies from $62 to $70. Needham analyst Mayank Tandon maintained a Buy rating.
• RBC Capital increased the price target on SS&C Technologies from $65 to $72. RBC Capital analyst Daniel Perlin maintained an Outperform rating.

 

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Posted In: SSNC