Amdocs (NASDAQ:DOX – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of ~$6.38-6.62 for the period, compared to the consensus earnings per share estimate of $6.51. The company issued revenue guidance of ~$4.94-5.14 billion, compared to the consensus revenue estimate of $5.05 billion. Amdocs also updated its Q2 guidance to $1.53-1.59 EPS.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. Citigroup raised their target price on shares of Amdocs from $96.00 to $104.00 and gave the company a buy rating in a research note on Wednesday, January 17th. Jefferies Financial Group started coverage on shares of Amdocs in a research note on Friday, December 1st. They set a buy rating and a $105.00 target price for the company. Finally, StockNews.com upgraded shares of Amdocs from a buy rating to a strong-buy rating in a report on Monday. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $108.60.
Amdocs Price Performance
Amdocs (NASDAQ:DOX – Get Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.16. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.24 billion. Amdocs had a net margin of 11.06% and a return on equity of 17.77%. The company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. On average, research analysts predict that Amdocs will post 5.86 earnings per share for the current year.
Institutional Trading of Amdocs
Hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its position in Amdocs by 9.0% during the third quarter. Morgan Stanley now owns 1,653,299 shares of the technology company’s stock worth $139,687,000 after purchasing an additional 136,815 shares during the period. Integrated Wealth Concepts LLC raised its stake in Amdocs by 93.7% in the third quarter. Integrated Wealth Concepts LLC now owns 8,695 shares of the technology company’s stock valued at $735,000 after purchasing an additional 4,207 shares in the last quarter. Townsquare Capital LLC raised its stake in Amdocs by 22.7% in the third quarter. Townsquare Capital LLC now owns 3,870 shares of the technology company’s stock valued at $327,000 after purchasing an additional 715 shares in the last quarter. Royal Bank of Canada raised its stake in Amdocs by 8.6% during the third quarter. Royal Bank of Canada now owns 307,462 shares of the technology company’s stock worth $25,977,000 after acquiring an additional 24,222 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Amdocs by 10.3% during the third quarter. JPMorgan Chase & Co. now owns 339,615 shares of the technology company’s stock worth $28,694,000 after acquiring an additional 31,646 shares in the last quarter. 90.58% of the stock is currently owned by institutional investors and hedge funds.
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.
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