SS&C Technologies Holdings Inc (NASDAQ:SSNC) director Normand A. Boulanger has recently engaged in significant trading activity involving the company's stock, according to the latest SEC filings. On September 16, Boulanger sold 130,000 shares of common stock at a weighted average price of $75.3756, totaling approximately $9.7 million. The shares were sold at varying prices ranging from $75.00 to $75.65.
In addition to the sale, Boulanger also acquired 180,000 shares through the exercise of options at a price of $28.265 per share, amounting to a total of $5.1 million. It is noted that the options exercised were "time-based" and had vested in full on December 19, 2018.
Following these transactions, Boulanger's ownership in SS&C Technologies has been adjusted to 333,576 shares of common stock. The company, known for its services in prepackaged software, has its headquarters in Windsor, Connecticut, and is incorporated in Delaware.
Investors and market watchers often scrutinize insider trading activities, such as those of Boulanger, for insights into executive confidence and company performance. SS&C Technologies has not released any official statement regarding these transactions at the time of this report.
In other recent news, SS&C Technologies Holdings, Inc. has made significant strides in its financial performance and strategic growth. The company reported record adjusted revenue of $1,452.4 million for the second quarter of 2024, surpassing their forecast by $20 million. The adjusted diluted earnings per share (EPS) increased by 17.6% year-over-year to $1.27, demonstrating strong organic growth. The company repurchased 3.7 million shares for $227 million, the largest buyback in its history, indicating management's confidence in the company's financial health and future prospects.
SS&C has also announced an increase in its quarterly dividend from $0.24 to $0.25 per share, following a reported growth in net cash from operating activities. The company has also entered into a definitive agreement to acquire Battea-Class Action Services, LLC, a leading provider of securities class action claims management and settlement recovery services, for approximately $670 million, expected to be accretive to SS&C's earnings over the next 12 months.
Analysts from RBC Capital and Needham have responded positively to these developments. RBC Capital has increased the price target for SS&C to $75 from the previous $72, maintaining an Outperform rating. Similarly, Needham has lifted its price target for SS&C from $74.00 to $81.00, maintaining a Buy rating on the stock. These recent developments indicate a robust approach to growth and client service, with high single-digit organic revenue growth expected in the mid-term.
InvestingPro Insights
SS&C Technologies Holdings Inc (NASDAQ:SSNC) has shown noteworthy performance metrics that could be of interest to investors analyzing the recent insider trading activity by director Normand A. Boulanger. With a market capitalization of $18.54 billion, the company stands as a significant player in the prepackaged software industry. One key InvestingPro Tip highlights SS&C's ability to maintain and grow its dividends, having raised them for 7 consecutive years, which is indicative of the company's financial health and commitment to shareholder returns.
The company's strong fundamentals are further underscored by its impressive gross profit margins, which reached 49.38% over the last twelve months as of Q2 2024. This is coupled with a steady revenue growth of 5.19% during the same period, reflecting SS&C's ability to expand its business while maintaining profitability. Additionally, the stock has been trading near its 52-week high, with a price 99.56% of the peak, signaling positive investor sentiment and a robust market valuation.
Another InvestingPro Tip suggests that SS&C's net income is expected to grow this year, which could be a reassuring sign for investors considering the insider trading context. The company's P/E ratio stands at 26.63, offering a perspective on its valuation relative to earnings. For those seeking further insights and detailed analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/SSNC, which could provide a deeper understanding of SS&C Technologies' financial outlook and investment potential.
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