Fidelity National Information Services (NYSE:FIS) Downgraded by JPMorgan Chase & Co. to Neutral

Key Points

• JPMorgan downgraded FIS from Overweight to Neutral, maintaining a $38 price target—about 29% above the share price at the time of the report.
• FIS shares fell $9.60 to $29.39 in Wednesday trading, reaching a new 52-week low. Analysts overall had a Hold consensus and an average price target of $47.96.
• Quarterly results slightly exceeded expectations: adjusted earnings were $1.61 per share versus a $1.60 estimate, while revenue reached $3.45 billion and grew 27.1% year over year.

Fidelity National Information Services (NYSE:FIS - Get Free Report) was downgraded by JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Wednesday, MarketBeat reports. They presently have a $38.00 target price on the information technology services provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 29.30% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the company. TD Cowen lowered their price objective on Fidelity National Information Services from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. Truist Financial cut their target price on shares of Fidelity National Information Services from $43.00 to $37.00 and set a "hold" rating for the company in a research report on Friday, October 23rd. National Bank Financial set a $45.00 target price on shares of Fidelity National Information Services in a research note on Friday, October 16th. Piper Sandler assumed coverage on shares of Fidelity National Information Services in a research report on Friday, September 11th. They issued a "neutral" rating and a $42.00 price target on the stock. Finally, Bank of America started coverage on shares of Fidelity National Information Services in a research report on Thursday, October 15th. They issued a "buy" rating and a $42.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $47.96.

Fidelity National Information Services Stock Performance

Shares of FIS traded down $9.60 during mid-day trading on Wednesday, hitting $29.39. The stock had a trading volume of 16,737,924 shares, compared to its average volume of 6,103,881. The firm has a market cap of $15.19 billion, a P/E ratio of 4.54, a PEG ratio of 0.47 and a beta of 0.84. The business has a fifty day moving average price of $36.91 and a 200-day moving average price of $43.64. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.53 and a quick ratio of 0.53. Fidelity National Information Services has a 52 week low of $29.39 and a 52 week high of $68.37.

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

Insider Activity

In related news, Director Jeffrey Goldstein acquired 1,585 shares of the company's stock in a transaction that occurred on Thursday, October 15th. The shares were acquired at an average price of $36.40 per share, with a total value of $57,694.00. Following the acquisition, the director owned 18,697 shares of the company's stock, valued at approximately $680,570.80. This trade represents a 9.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FIS. M Holdings Securities Inc. purchased a new stake in shares of Fidelity National Information Services in the third quarter worth about $166,000. Candriam S.C.A. grew its stake in Fidelity National Information Services by 6.3% during the third quarter. Candriam S.C.A. now owns 92,526 shares of the information technology services provider's stock valued at $3,055,000 after acquiring an additional 5,521 shares in the last quarter. Ethic Inc. grew its stake in Fidelity National Information Services by 34.2% during the third quarter. Ethic Inc. now owns 60,543 shares of the information technology services provider's stock valued at $1,992,000 after acquiring an additional 15,438 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Fidelity National Information Services by 10.9% during the 3rd quarter. Pictet Asset Management Holding SA now owns 363,205 shares of the information technology services provider's stock worth $11,950,000 after acquiring an additional 35,615 shares during the period. Finally, Parallel Advisors LLC increased its holdings in Fidelity National Information Services by 112.6% during the 3rd quarter. Parallel Advisors LLC now owns 11,909 shares of the information technology services provider's stock worth $392,000 after acquiring an additional 6,308 shares during the period. Hedge funds and other institutional investors own 96.23% of the company's stock.

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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