Bank of America Cuts Amdocs (NASDAQ:DOX) Price Target to $97.00

Amdocs (NASDAQ:DOX) had its price objective dropped by research analysts at Bank of America from $100.00 to $97.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s target price points to a potential upside of 15.53% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Stifel Nicolaus cut their target price on shares of Amdocs from $100.00 to $97.00 and set a “buy” rating for the company in a research note on Wednesday. Wall Street Zen lowered shares of Amdocs from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Amdocs in a research note on Thursday, October 30th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Amdocs Stock Down 1.8%

Shares of DOX stock opened at $83.96 on Wednesday. Amdocs has a 12 month low of $78.61 and a 12 month high of $95.41. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.23. The firm has a market cap of $9.48 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 1.40 and a beta of 0.51. The stock has a 50 day moving average of $83.49 and a 200-day moving average of $87.48.

Institutional Trading of Amdocs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. lifted its stake in Amdocs by 38.6% during the first quarter. Alyeska Investment Group L.P. now owns 2,329,767 shares of the technology company’s stock worth $213,174,000 after purchasing an additional 648,693 shares during the period. American Century Companies Inc. raised its holdings in shares of Amdocs by 23.5% in the 1st quarter. American Century Companies Inc. now owns 2,242,829 shares of the technology company’s stock worth $205,219,000 after buying an additional 426,911 shares in the last quarter. Nuveen LLC acquired a new position in shares of Amdocs in the 1st quarter worth approximately $36,921,000. LSV Asset Management lifted its position in shares of Amdocs by 11.1% during the 1st quarter. LSV Asset Management now owns 3,180,501 shares of the technology company’s stock worth $291,016,000 after buying an additional 317,412 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Amdocs by 43.0% in the 1st quarter. AQR Capital Management LLC now owns 955,158 shares of the technology company’s stock valued at $86,719,000 after buying an additional 287,243 shares in the last quarter. Institutional investors own 92.02% of the company’s stock.

Amdocs Company Profile

Amdocs Limited, through its subsidiaries, provides software and services worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. The company provides CES23, a 5G and cloud-native microservices-based market-leading customer experience suite, that enables service providers to build, deliver, and monetize advanced services; Amdocs Subscription Marketplace, a software-as-a-service-based platform that includes an expansive network of pre-integrated digital services, such as media, gaming, eLearning, sports, and retail to security and business services; the monetization suite for charging, billing, policy, and revenue management; Intelligent networking suite with a set of modular, flexible, and open service lifecycle management capabilities for network automation journeys; amAIz, a telco GenAI framework; Amdocs Digital Brands Suite, a pre-integrated digital business suite; and Amdocs eSIM Cloud for service providers.