Palestra Capital Management Lowers stake in SS&C Technologies Holdings (SSNC)

SS&C Technologies Holdings (SSNC) : Palestra Capital Management reduced its stake in SS&C Technologies Holdings by 21.18% during the most recent quarter end. The investment management company now holds a total of 1,399,400 shares of SS&C Technologies Holdings which is valued at $44,752,812 after selling 376,000 shares in SS&C Technologies Holdings , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.SS&C Technologies Holdings makes up approximately 3.39% of Palestra Capital Management’s portfolio.

Other Hedge Funds, Including , Campbell Co Investment Adviser added SSNC to its portfolio by purchasing 7,452 company shares during the most recent quarter which is valued at $238,315. SS&C Technologies Holdings makes up approx 1.16% of Campbell Co Investment Adviser’s portfolio.Blackrock Group Ltd boosted its stake in SSNC in the latest quarter, The investment management firm added 5,864 additional shares and now holds a total of 216,258 shares of SS&C Technologies Holdings which is valued at $6,915,931.Victory Capital Management Inc reduced its stake in SSNC by selling 6,493 shares or 4.52% in the most recent quarter. The Hedge Fund company now holds 137,139 shares of SSNC which is valued at $4,345,935. SS&C Technologies Holdings makes up approx 0.02% of Victory Capital Management Inc’s portfolio. Calvert Investment Management sold out all of its stake in SSNC during the most recent quarter. The investment firm sold 8,160 shares of SSNC which is valued $264,792.

SS&C Technologies Holdings opened for trading at $33.03 and hit $33.57 on the upside on Thursday, eventually ending the session at $33.37, with a gain of 1.27% or 0.42 points. The heightened volatility saw the trading volume jump to 13,87,860 shares. Company has a market cap of $6,712 M.

On the company’s financial health, SS&C Technologies Holdings reported $0.39 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.38. The company had revenue of $384.40 million for the quarter, compared to analysts expectations of $374.76 million. The company’s revenue was up 80.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.

Many Wall Street Analysts have commented on SS&C Technologies Holdings. Shares were Reiterated by Deutsche Bank on Jul 11, 2016 to “Hold” and Lowered the Price Target to $ 32 from a previous price target of $63 .

SS&C Technologies Holdings Inc. (SS&C Holdings) is a holding company which provides software products and software-enabled services. The Company operates primarily through its subsidiary SS&C Technologies Inc. The Company’s service offerings are classified as portfolio management/accounting; trading/treasury operations; financial modeling; loan management/accounting; property management; money market processing; software-enabled services; professional services and product support. The Company’s software products and software-enabled services automates and integrates front-office functions such as trading and modeling; middle-office functions such as portfolio management and reporting and back-office functions such as accounting performance measurement reconciliation reporting processing and clearing. Its other subsidiaries include Advent Software Inc. and GlobeOp Financial Services S.A. and Prime Management Limited among others.

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