Stock Alert: Amdocs Gains On Cloud Adoption By More Companies

(RTTNews) - Shares of Amdocs Limited (DOX) were down $0.82 or 1.25% Wednesday before closing at $65.01 and later surged $9.99 or 15.37% in the extended trading. It has traded in the range of $44.05- $77.29 in the past 52 weeks.

Amdocs provides software and services to the communications, cable and satellite, entertainment, media industry, and other service providers.

Increasing automation in the IT industry and soaring cloud adoption by organizations to reduce cost, alleviate risk, and achieve scalability of database stand in good stead for managed services companies like Amdocs.

Wednesday, market research firm, Research, and Markets reported that the global managed services market is expected to grow at CAGR of 10.1% to reach $397.22 billion by 2026.