Wilmington Savings Fund Society FSB has significantly reduced its stake in Fair Isaac Corporation (NYSE: FICO) by 54.3% during the third quarter of 2023. The financial institution now holds 297 shares of the technology company, following the sale of 353 shares throughout the quarter. As of the latest filing with the Securities and Exchange Commission, Wilmington’s holdings in Fair Isaac were valued at approximately $444,000.
This divestment comes amid a broader trend, as other hedge funds have also adjusted their positions in Fair Isaac. For instance, Brighton Jones LLC increased its stake by 168.7% in the fourth quarter, now owning 481 shares valued at about $958,000 after purchasing an additional 302 shares. Similarly, Great Lakes Advisors LLC boosted its position by 5.7% during the first quarter, acquiring an extra 6 shares to total 112 shares, worth $207,000.
Woodline Partners LP expanded its holdings by 46.1%, now possessing 2,138 shares valued at approximately $3.94 million. Meanwhile, Wealth Enhancement Advisory Services LLC increased its stake by 74.9%, owning 8,895 shares worth $16.5 million, and Park Avenue Securities LLC raised its position by 60.7%, now holding 638 shares valued at about $1.17 million. Notably, institutional investors collectively own 85.75% of Fair Isaac’s stock.
Analysts Adjust Price Targets for Fair Isaac
Several research analysts have recently commented on Fair Isaac’s stock, adjusting their price targets based on market conditions. Needham & Company LLC reaffirmed a “buy” rating and set a target price of $1,950.00 on October 2, 2023. Following that, Robert W. Baird raised its price objective from $1,900.00 to $1,960.00, assigning an “outperform” rating. Barclays also increased its price target from $2,000.00 to $2,400.00, maintaining an “overweight” rating.
BMO Capital Markets adjusted its target price downward from $2,300.00 to $2,200.00 while keeping an “outperform” rating. Conversely, Oppenheimer changed its stance from “outperform” to “market perform” on October 13. Overall, the stock has received two “strong buy” ratings, nine “buy” ratings, and five “hold” ratings, averaging a consensus rating of “moderate buy” with a target price of $2,092.15 according to MarketBeat.
Stock Performance and Earnings Report
On Tuesday, Fair Isaac’s shares experienced a decline, trading down $37.49 to reach $1,529.71. The trading volume was 8,797 shares, significantly lower than the average volume of 223,360 shares. The company holds a market capitalization of $36.35 billion, with a price-to-earnings (P/E) ratio of 57.75 and a beta of 1.30. The stock has fluctuated within a fifty-two week range, with a low of $1,300.00 and a high of $2,217.60.
Fair Isaac recently reported its quarterly earnings results on October 30, revealing an earnings per share (EPS) of $7.74, surpassing the consensus estimate of $7.36 by $0.38. The company generated revenue of $515.75 million, exceeding analyst expectations of $512.38 million. This represents a year-over-year revenue growth of 13.6%, compared to $6.54 EPS reported in the same quarter last year. Analysts predict that Fair Isaac Corporation will achieve $24.15 EPS for the current fiscal year.
In addition to these financial results, notable insider transactions have occurred at Fair Isaac. Chief Financial Officer Steven P. Weber sold 1,426 shares on December 17 at an average price of $1,810.00, resulting in a total transaction value of $2,581,060.00. Following this sale, Weber retained 2,804 shares valued at approximately $5.08 million, marking a 33.71% decrease in his position.
Additionally, Director Eva Manolis sold 521 shares on December 12, receiving $951,257.43 from the transaction at an average price of $1,825.83. After this sale, Manolis directly owns 344 shares valued at about $628,085.52, indicating a 60.23% decrease in her ownership. Over the past ninety days, insiders have sold a total of 4,347 shares worth $7,691,229, with company insiders now holding 3.46% of the total stock.
Founded in 1956, Fair Isaac Corporation, commonly known as FICO, specializes in data analytics and software solutions, particularly recognized for its FICO Score, a credit-scoring system utilized widely by lenders. Headquartered in San Jose, California, FICO operates globally, focusing on predictive analytics and decision management solutions across various industries.
