Bank of Nova Scotia Lowers Stock Position in Verint Systems Inc. (NASDAQ:VRNT)

Posted by Defense World Staff on May 26th, 2023

Bank of Nova Scotia cut its position in shares of Verint Systems Inc. (NASDAQ:VRNT – Get Rating) by 47.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,433 shares of the technology company’s stock after selling 7,732 shares during the period. Bank of Nova Scotia’s holdings in Verint Systems were worth $306,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd boosted its holdings in Verint Systems by 1,537.2% during the third quarter. Point72 Hong Kong Ltd now owns 3,520 shares of the technology company’s stock worth $118,000 after buying an additional 3,305 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Verint Systems by 14.5% during the first quarter. Great West Life Assurance Co. Can now owns 3,456 shares of the technology company’s stock worth $190,000 after buying an additional 438 shares in the last quarter. Royal Bank of Canada boosted its holdings in Verint Systems by 149.5% during the third quarter. Royal Bank of Canada now owns 6,280 shares of the technology company’s stock worth $211,000 after buying an additional 3,763 shares in the last quarter. Commonwealth Equity Services LLC purchased a new stake in Verint Systems during the fourth quarter worth $215,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Verint Systems during the fourth quarter valued at $221,000. 99.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Dan Bodner sold 37,848 shares of the firm’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $38.66, for a total transaction of $1,463,203.68. Following the completion of the sale, the chief executive officer now directly owns 1,085,834 shares in the company, valued at $41,978,342.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Verint Systems news, President Elan Moriah sold 31,728 shares of Verint Systems stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $37.39, for a total transaction of $1,186,309.92. Following the completion of the sale, the president now directly owns 86,028 shares in the company, valued at $3,216,586.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dan Bodner sold 37,848 shares of Verint Systems stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $38.66, for a total transaction of $1,463,203.68. Following the sale, the chief executive officer now owns 1,085,834 shares of the company’s stock, valued at $41,978,342.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 212,583 shares of company stock worth $7,895,427. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

VRNT has been the topic of several recent analyst reports. StockNews.com raised shares of Verint Systems from a “hold” rating to a “buy” rating in a report on Saturday, May 13th. Royal Bank of Canada decreased their price objective on shares of Verint Systems from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, March 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Verint Systems in a report on Thursday, March 30th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Verint Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.63.

Verint Systems Price Performance

NASDAQ:VRNT opened at $34.96 on Friday. The company’s 50-day moving average price is $36.09 and its 200-day moving average price is $36.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.32 and a quick ratio of 1.29. Verint Systems Inc. has a twelve month low of $31.63 and a twelve month high of $52.78.

Verint Systems (NASDAQ:VRNT – Get Rating) last posted its quarterly earnings results on Wednesday, March 29th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.06. Verint Systems had a net margin of 1.65% and a return on equity of 15.36%. The firm had revenue of $236.75 million for the quarter, compared to the consensus estimate of $233.92 million. On average, research analysts expect that Verint Systems Inc. will post 1.77 earnings per share for the current year.

About Verint Systems

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Verint Systems, Inc engages in providing actionable intelligence. It operates through the following segments: Customer Engagement Solutions and Cyber Intelligence Solutions. The Customer Engagement segment includes customer-centric organizations optimize customer engagement, increase customer loyalty, and maximize revenue opportunities, while generating operational efficiencies, reducing cost, and mitigating risk.