Retirement Stock Portfolio: 12 Safe Tech Stocks To Consider

10. Amdocs Limited (NASDAQ:DOX)

Beta Value: 0.75

Dividend Yield: 2.18%

Number of Hedge Fund Holders: 32

Amdocs Limited (NASDAQ:DOX) is a diversified software company offering services such as customer relationship management, product lifecycle management, billing management, and application management.

Stifel recently initiated coverage on Amdocs Limited (NASDAQ:DOX) with a Buy rating and a price target of $100. Historically focused on revenue management solutions for telecom providers, Amdocs has expanded its product offerings to encompass a wide range of services tailored to Communications Service Providers (CSPs) for managing customer interactions. Stifel highlighted Amdocs as a “total return” story, emphasizing its strategy to deliver approximately 10% returns to investors through a combination of earnings per share growth and dividend yield.

Amdocs Limited (NASDAQ:DOX) reported strong Q3 results, posting a record revenue of $1.25 billion, representing a nearly 2% year-over-year increase. The company also achieved a record 12-month backlog of $4.25 billion and is on track to meet its fiscal year 2024 guidance, with expected revenue and non-GAAP EPS growth around 9%. Additionally, Amdocs Limited (NASDAQ:DOX) is making strides in generative AI, including a partnership with a leading global operator. The company’s cloud-related revenue, which accounted for over 20% of total revenue last year, is projected to experience double-digit growth in fiscal 2024.

As of the end of Q2 2024, 32 hedge funds tracked by Insider Monkey held stakes worth $768.7 million in Amdocs Limited (NASDAQ:DOX), compared to 33 funds holding $767 million the previous quarter.