SS&C Technologies Holdings, Inc. (SSNC) PT Raised to $81 at Needham

Needham analyst Mayank Tandon raised the price target on SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) to $81.00 (from $74.00) while maintaining a Buy rating.

The analyst comments "SSNC's 2Q24 results came in above expectations on the top and bottom line as organic growth of 6.4% (up from 4.7% last quarter) was fueled by strength in the Alternatives, Blue Prism, and Intralinks businesses. Due to the healthy trends and strong execution, management provided a solid 3Q outlook and raised the FY24 guide across the board. We also note that SSNC has been actively repurchasing stock (3.7M shares repurchased in 2Q) and announced an authorization to repurchase up to $1 billion in stock in conjunction with earnings. We view this as a smart use of capital especially with the shares trading at a P/E of ~12x our FY25 estimate. Given the improving organic growth profile and SSNC's low double-digit EPS growth prospects, we are reiterating our BUY rating and raising our target to $81."

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