Shares of Amdocs Limited (NASDAQ:DOX) saw an uptick in trading volume on Wednesday following a stronger than expected earnings report. 3,458,421 shares traded hands during trading, an increase of 211% from the previous session’s volume of 1,112,279 shares.The stock last traded at $60.39 and had previously closed at $53.46.

The technology company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Amdocs had a net margin of 8.46% and a return on equity of 14.75%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year.

A number of brokerages have recently issued reports on DOX. BidaskClub downgraded shares of Amdocs from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. ValuEngine raised shares of Amdocs from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Amdocs from $70.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $72.60.

A number of large investors have recently added to or reduced their stakes in DOX. Lunia Capital LP purchased a new stake in Amdocs during the 4th quarter worth approximately $20,647,000. FMR LLC grew its position in Amdocs by 9.3% during the 4th quarter. FMR LLC now owns 18,209,169 shares of the technology company’s stock worth $1,066,693,000 after purchasing an additional 1,543,698 shares during the last quarter. Norges Bank purchased a new stake in Amdocs during the 4th quarter worth approximately $89,204,000. Wells Fargo & Company MN grew its position in Amdocs by 28.1% during the 1st quarter. Wells Fargo & Company MN now owns 5,951,683 shares of the technology company’s stock worth $322,045,000 after purchasing an additional 1,303,903 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. grew its position in Amdocs by 41.9% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 2,918,932 shares of the technology company’s stock worth $118,189,000 after purchasing an additional 862,601 shares during the last quarter. 93.02% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 1.60 and a beta of 0.52.

ILLEGAL ACTIVITY NOTICE: “Amdocs (DOX) Sees Large Volume Increase After Earnings Beat” was published by Marea Informative and is the sole property of of Marea Informative. If you are viewing this article on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this article can be viewed at https://www.mareainformativa.com/news/2019/05/16/amdocs-dox-sees-large-volume-increase-after-earnings-beat.html.

About Amdocs (NASDAQ:DOX)

Amdocs Limited, through its subsidiaries, provides software and services to the communications, pay TV, entertainment, and media industry service providers worldwide. The company offers amdocsONE a line of services designed for various stages of a service provider's lifecycle, including planning, delivery, implementation, and ongoing support, as well as consumer experience and monetization, media and digital, enterprise and connected society, service-driven network, and services and agile operation solutions.

Recommended Story: Relative Strength Index

Receive News & Ratings for Amdocs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amdocs and related companies with MarketBeat.com's FREE daily email newsletter.