Congress Asset Management Co. Invests $56 Million in ACI Worldwide, Inc. (NASDAQ:ACIW)

Congress Asset Management Co. purchased a new position in shares of ACI Worldwide, Inc. (NASDAQ:ACIW) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 1,078,752 shares of the technology company’s stock, valued at approximately $55,998,000.

A number of other large investors have also bought and sold shares of ACIW. CWM LLC grew its holdings in shares of ACI Worldwide by 138.6% in the third quarter. CWM LLC now owns 3,154 shares of the technology company’s stock worth $161,000 after purchasing an additional 1,832 shares during the last quarter. Creative Planning raised its stake in shares of ACI Worldwide by 35.0% during the third quarter. Creative Planning now owns 35,097 shares of the technology company’s stock valued at $1,786,000 after acquiring an additional 9,091 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of ACI Worldwide during the third quarter worth about $112,000. Trust Point Inc. grew its stake in shares of ACI Worldwide by 16.4% in the third quarter. Trust Point Inc. now owns 6,577 shares of the technology company’s stock worth $335,000 after purchasing an additional 928 shares during the last quarter. Finally, Violich Capital Management Inc. purchased a new position in ACI Worldwide during the 3rd quarter valued at about $246,000. 94.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, DA Davidson lowered ACI Worldwide from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $57.00 to $60.00 in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, ACI Worldwide has a consensus rating of “Hold” and an average target price of $49.50.

ACI Worldwide Price Performance

ACIW stock opened at $52.51 on Friday. The firm has a 50-day moving average of $53.04 and a 200 day moving average of $51.58. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $5.51 billion, a P/E ratio of 24.89 and a beta of 1.20. ACI Worldwide, Inc. has a 1 year low of $29.98 and a 1 year high of $59.71.

Insider Transactions at ACI Worldwide

In other news, CTO Abraham Kuruvilla sold 5,400 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $55.71, for a total value of $300,834.00. Following the sale, the chief technology officer now directly owns 81,107 shares of the company’s stock, valued at $4,518,470.97. This represents a 6.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.

About ACI Worldwide

ACI Worldwide, Inc, a software company, develops, markets, installs, and supports a range of software products and solutions for facilitating digital payments in the United States and internationally. The company operates in three segments: Banks, Merchants, and Billers. The company offers ACI Acquiring, a solution to process credit, debit, and prepaid card transactions, deliver digital innovation, and fraud prevention; ACI Issuing, a digital payment issuing solution for new payment offering; and ACI Enterprise Payments Platform that provides payment processing and orchestration capabilities for digital payments.