Needham & Company reiterated a Buy rating on SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), and raised the price target to $86.00 (from $76.00), following the company's 3Q earnings report. 3Q revenue rose 61.7% Y/Y to $311.4MM, slightly ahead of consensus ($308MM). FX negatively impacted revenue by 1.9% or $3.7MM. $0.68 in EPS came in well above consensus of $0.62. Management updated the guidance range for the full year. The revenue range is trimmed to $1,040.6-1,050.6MM from 1,044-1,056MM, while the EPS range is raised to $2.61-2.64 from $2.54-2.59.

Analyst Mayank Tandon commented, "SSNC delivered solid 3Q results, outperforming on revenue, margins, and earnings. Management trimmed revenue guidance for the full year, but raised the EPS range mainly to reflect the 3Q outperformance. We continue to see SSNC as a share gainer in the global fund administration business. We believe there is potential for upside to estimates as SSNC digests the Advent acquisition (closed in early July) and Citi/Primatics acquistions (expected to close in 1Q and 4Q, respectively). Based on SSNC’s increasing scale, improving competitive position, and potential for estimate increases, we are reiterating our BUY rating and raising our target to $86."

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Shares of SS&C Technologies Holdings, Inc. closed at $74.45 yesterday.