Bank of America Raises Fidelity National Information Services (NYSE:FIS) Price Target to $84.00

Fidelity National Information Services (NYSE:FIS - Get Free Report) had its price target hoisted by Bank of America from $79.00 to $84.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the information technology services provider's stock. Bank of America's target price would indicate a potential upside of 18.90% from the company's previous close.

A number of other research firms also recently weighed in on FIS. Truist Financial raised their price target on shares of Fidelity National Information Services from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Tuesday, February 27th. Mizuho raised their price objective on shares of Fidelity National Information Services from $73.00 to $76.00 and gave the company a "buy" rating in a report on Wednesday, February 28th. Robert W. Baird lowered shares of Fidelity National Information Services from an "outperform" rating to a "neutral" rating and raised their price objective for the company from $76.00 to $78.00 in a report on Wednesday, March 13th. Royal Bank of Canada raised their price objective on shares of Fidelity National Information Services from $67.00 to $75.00 and gave the company an "outperform" rating in a report on Tuesday, February 27th. Finally, The Goldman Sachs Group started coverage on shares of Fidelity National Information Services in a report on Thursday, February 29th. They issued a "buy" rating and a $84.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $71.59.

Fidelity National Information Services Price Performance

Fidelity National Information Services stock traded down $0.07 during trading hours on Tuesday, reaching $70.65. 3,149,864 shares of the stock were exchanged, compared to its average volume of 4,475,943. The stock has a 50 day moving average of $68.70 and a two-hundred day moving average of $61.05. Fidelity National Information Services has a twelve month low of $46.91 and a twelve month high of $74.75. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.68. The company has a market cap of $40.73 billion, a P/E ratio of -6.29, a price-to-earnings-growth ratio of 0.90 and a beta of 0.97.

Fidelity National Information Services (NYSE:FIS - Get Free Report) last posted its quarterly earnings results on Monday, February 26th. The information technology services provider reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.01). Fidelity National Information Services had a negative net margin of 54.30% and a positive return on equity of 13.06%. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the business posted $1.71 earnings per share. The company's revenue for the quarter was down .6% on a year-over-year basis. Equities analysts expect that Fidelity National Information Services will post 4.66 EPS for the current fiscal year.

Fidelity National Information Services announced that its board has authorized a stock repurchase plan on Monday, February 26th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Ellen R. Alemany acquired 735 shares of the stock in a transaction dated Wednesday, January 17th. The stock was bought at an average price of $60.32 per share, for a total transaction of $44,335.20. Following the purchase, the director now directly owns 35,333 shares of the company's stock, valued at approximately $2,131,286.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of Fidelity National Information Services

Several hedge funds have recently modified their holdings of FIS. Acadian Asset Management LLC grew its position in Fidelity National Information Services by 491.5% in the 1st quarter. Acadian Asset Management LLC now owns 3,904 shares of the information technology services provider's stock valued at $391,000 after purchasing an additional 3,244 shares during the period. Synovus Financial Corp grew its position in Fidelity National Information Services by 71.6% in the 1st quarter. Synovus Financial Corp now owns 9,791 shares of the information technology services provider's stock valued at $982,000 after purchasing an additional 4,085 shares during the period. Prudential PLC acquired a new stake in Fidelity National Information Services in the 1st quarter valued at $1,173,000. Baird Financial Group Inc. boosted its holdings in Fidelity National Information Services by 8.2% during the 1st quarter. Baird Financial Group Inc. now owns 194,714 shares of the information technology services provider's stock worth $19,553,000 after acquiring an additional 14,819 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in Fidelity National Information Services by 83.3% during the 1st quarter. Brown Brothers Harriman & Co. now owns 286 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 130 shares during the last quarter. Institutional investors own 96.23% of the company's stock.

About Fidelity National Information Services

Fidelity National Information Services, Inc engages in the provision of financial services technology solutions for financial institutions, businesses, and developers worldwide. It operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. The company provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions.