Fidelity National Information Services (NYSE:FIS) Cut to Market Perform at Oppenheimer

Key Points

• Oppenheimer downgraded FIS from “outperform” to “market perform.” Across analysts, the stock carried an average “Hold” rating and an average price target of $47.96.
• FIS shares fell $9.60 to $29.39 on Wednesday, hitting their reported 52-week low.
• The company narrowly beat quarterly estimates, reporting EPS of $1.61 versus $1.60 expected and revenue of $3.45 billion, up 27.1% year over year.

Fidelity National Information Services (NYSE:FIS - Get Free Report) was downgraded by equities researchers at Oppenheimer from an "outperform" rating to a "market perform" rating in a report released on Wednesday, Briefing.com reports.

Several other research firms have also commented on FIS. Stephens started coverage on Fidelity National Information Services in a research note on Tuesday, August 11th. They issued an "equal weight" rating and a $50.00 price objective for the company. UBS Group reaffirmed a "neutral" rating on shares of Fidelity National Information Services in a research note on Monday, September 21st. National Bank Financial set a $45.00 price objective on Fidelity National Information Services in a research report on Friday, October 16th. Susquehanna cut their price objective on Fidelity National Information Services from $46.00 to $37.00 and set a "neutral" rating for the company in a research note on Tuesday, October 13th. Finally, TD Cowen reduced their target price on shares of Fidelity National Information Services from $53.00 to $47.00 and set a "buy" rating for the company in a report on Friday, October 9th. Ten equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $47.96.

Fidelity National Information Services Stock Performance

NYSE:FIS traded down $9.60 during trading hours on Wednesday, reaching $29.39. The company had a trading volume of 16,737,924 shares, compared to its average volume of 6,103,881. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.96. Fidelity National Information Services has a 52 week low of $29.39 and a 52 week high of $68.37. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 4.54, a PEG ratio of 0.47 and a beta of 0.84. The firm's 50 day moving average price is $36.91 and its 200-day moving average price is $43.64.

Fidelity National Information Services (NYSE:FIS - Get Free Report) last announced its earnings results on Wednesday, November 4th. The information technology services provider reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.01. Fidelity National Information Services had a return on equity of 20.95% and a net margin of 27.64%. The business had revenue of $3.45 billion for the quarter, compared to analysts' expectations of $3.43 billion. During the same period last year, the firm posted $1.51 earnings per share. The business's revenue for the quarter was up 27.1% on a year-over-year basis. On average, analysts forecast that Fidelity National Information Services will post 6.20 EPS for the current year.

Insider Transactions at Fidelity National Information Services

In related news, Director Jeffrey Goldstein purchased 1,585 shares of the firm's stock in a transaction on Thursday, October 15th. The shares were acquired at an average price of $36.40 per share, for a total transaction of $57,694.00. Following the purchase, the director directly owned 18,697 shares in the company, valued at $680,570.80. This trade represents a 9.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.28% of the company's stock.

Institutional Investors Weigh In On Fidelity National Information Services

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Fidelity National Information Services during the 2nd quarter valued at approximately $1,730,200,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Fidelity National Information Services in the 2nd quarter valued at $219,162,000. Bank of America Corp DE acquired a new stake in shares of Fidelity National Information Services in the second quarter worth $189,387,000. Legal & General Group Plc acquired a new stake in shares of Fidelity National Information Services in the second quarter worth $129,815,000. Finally, Deutsche Bank AG purchased a new position in shares of Fidelity National Information Services during the second quarter worth $111,205,000. 96.23% of the stock is owned by institutional investors.

About Fidelity National Information Services

Fidelity National Information Services, Inc NYSE: FIS is a global financial technology company that provides software, services and technology infrastructure to banks, financial institutions, merchants and other businesses. Its solutions are designed to support transaction processing, digital banking, payments, risk management and other essential financial operations.

FIS offers core banking and digital banking platforms, card and payment processing services, fraud and financial crime prevention tools, and technologies that help financial institutions manage accounts, lending and other banking activities.

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