Amdocs (NASDAQ:DOX) Stock Price Down 6.2% After Analyst Downgrade

Amdocs Limited (NASDAQ:DOX)’s stock price was down 6.2% on Wednesday after Bank of America lowered their price target on the stock from $100.00 to $97.00. Bank of America currently has a buy rating on the stock. Amdocs traded as low as $79.08 and last traded at $78.7530. Approximately 886,233 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 756,949 shares. The stock had previously closed at $83.96.

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

Hedge Funds Weigh In On Amdocs

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. increased its holdings in shares of Amdocs by 38.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,329,767 shares of the technology company’s stock valued at $213,174,000 after purchasing an additional 648,693 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Amdocs by 23.5% during the 1st quarter. American Century Companies Inc. now owns 2,242,829 shares of the technology company’s stock valued at $205,219,000 after acquiring an additional 426,911 shares during the period. Nuveen LLC purchased a new stake in shares of Amdocs during the 1st quarter worth approximately $36,921,000. LSV Asset Management grew its holdings in shares of Amdocs by 11.1% in the 1st quarter. LSV Asset Management now owns 3,180,501 shares of the technology company’s stock worth $291,016,000 after acquiring an additional 317,412 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Amdocs by 43.0% in the 1st quarter. AQR Capital Management LLC now owns 955,158 shares of the technology company’s stock worth $86,719,000 after acquiring an additional 287,243 shares during the period. 92.02% of the stock is currently owned by hedge funds and other institutional investors.

Amdocs Stock Down 5.8%

The firm has a 50 day moving average of $83.49 and a two-hundred day moving average of $87.48. The stock has a market capitalization of $8.93 billion, a PE ratio of 16.03, a P/E/G ratio of 1.40 and a beta of 0.51. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.23.

Amdocs Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.527 per share. The ex-dividend date is Wednesday, December 31st. This represents a $2.11 dividend on an annualized basis and a yield of 2.7%. Amdocs’s payout ratio is presently 42.60%.

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.