As of its most recent filing with the Securities & Exchange Commission on May 23, 2023, &O Shaughnessy Asset Management LLC disclosed a staggering 49.4% increase in their stake in Amdocs Limited (NASDAQ:DOX) during the fourth quarter. This acquisition has resulted in the fund holding an additional 22,409 shares of DOX’s technology company’s stock, bringing its total share count to an impressive 67,741.
The market cap for Amdocs Ltd., a communication software products and services provider for the entertainment and media industry, currently stands at $11.42 billion as of Tuesday’s opening at $94.55 per share. The company maintains a price-to-earnings ratio of 21.54 along with a PEG ratio of 1.63 and beta rating of 0.66.
Despite a yearlong swing ranging from $76.79 to $97.08 per share, DOX remains consistently stable as indicated through financial ratios including a current ratio and quick ratio both standing at 1.59 as well as a debt-to-equity ratio of only 0.21.
O Shaughnessy Asset Management LLC held approximately $6,158,000 worth in DOX shares by the end of the previous fiscal year quarter — an indisputable sign of their confidence in Amdoc’s business model and future success.
This move highlights &O Shaughnessy Asset Management LLC’s interest in adding high-potential stocks to its portfolio while also having faith in growth strategies implemented by premiere companies such as Amdoc Limited’s software products and services catering to the ever-evolving communication landscape.
Given this upward trend from O Shaughnessy Asset Management LLC with regards to their latest acquisition in Amdocs Limited combined with second-to-none prospects over the horizon for this communication giant — it becomes crystal clear that even amidst volatile economic cycles, wealth managers, investors, and savvy market analysts continue to maintain faith in technology-centered businesses.
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Investor Interest in Amdocs Grows as Holdings Increase and Stock Price Targets Rise
In recent months, there has been a flurry of activity surrounding Amdocs as institutional investors and hedge funds modify their holdings in the technology company. Trifecta Capital Advisors LLC acquired a new position in Amdocs’ shares in the fourth quarter of 2022, worth $25,000. Similarly, U.S. Capital Wealth Advisors LLC acquired a new position in the company’s shares during the same period, to the tune of $47,000. Ellevest Inc., meanwhile, increased its holdings by an astonishing 1,015.4% in the third quarter of that year and now owns 580 shares worth $46,000.
Amdocs is also attracting attention from research analysts with stock price targets being lifted across the board. In fact, Barclays upgraded Amdocs to an “overweight” rating from “equal weight” and set a new price target of $115.00 per share on May 16th of that year. Other ratings include Oppenheimer who lifted their price target from $94 to $99 as well as Robert W. Baird whose neutral rating was boosted to $100 per share from $85.
All these positive developments come on top of Amdocs’ recent disclosure that they will be paying out quarterly dividends to shareholders starting on July 28th for those who are recorded on June 30th – ex-dividend date is June 29th – amounting to a yearly dividend payout ratio of 1.74% and further solidifying their investor-friendly image.
With Bloomberg reporting a consensus target price of $102.50 for Amdocs and many research analysts giving it either buy or moderate buy ratings, it seems that there is increasing excitement surrounding this technology company’s future prospects.
