Verint Systems (NASDAQ:VRNT) Shares Gap Down on Disappointing Earnings

Posted by Defense World Staff on Sep 8th, 2023

Verint Systems Inc. (NASDAQ:VRNT – Get Free Report)’s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $30.87, but opened at $25.23. Verint Systems shares last traded at $26.98, with a volume of 863,041 shares.

The technology company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Verint Systems had a net margin of 1.99% and a return on equity of 15.68%. The company had revenue of $210.20 million during the quarter, compared to analyst estimates of $225.10 million. During the same period last year, the firm earned $0.25 EPS. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year.

Analyst Ratings Changes

A number of research firms have recently commented on VRNT. Wedbush lowered their price target on Verint Systems from $45.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday. Royal Bank of Canada decreased their price target on shares of Verint Systems from $46.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday. Oppenheimer downgraded Verint Systems from an “outperform” rating to a “market perform” rating in a report on Thursday. TD Cowen lowered their target price on Verint Systems from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Needham & Company LLC reduced their price target on Verint Systems from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Verint Systems has an average rating of “Moderate Buy” and an average target price of $43.67.

View Our Latest Stock Report on VRNT

Insider Buying and Selling at Verint Systems

In other news, Director William Kurtz sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $35.35, for a total transaction of $63,630.00. Following the completion of the transaction, the director now directly owns 20,444 shares in the company, valued at $722,695.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Verint Systems news, CEO Dan Bodner sold 30,000 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $32.56, for a total transaction of $976,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,011,474 shares in the company, valued at approximately $32,933,593.44. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William Kurtz sold 1,800 shares of Verint Systems stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $35.35, for a total value of $63,630.00. Following the completion of the transaction, the director now directly owns 20,444 shares of the company’s stock, valued at $722,695.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 149,135 shares of company stock worth $5,397,326. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Verint Systems

Several large investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its holdings in shares of Verint Systems by 2.9% during the 4th quarter. Amalgamated Bank now owns 10,336 shares of the technology company’s stock worth $375,000 after buying an additional 287 shares in the last quarter. Gotham Asset Management LLC grew its holdings in Verint Systems by 2.5% in the first quarter. Gotham Asset Management LLC now owns 13,245 shares of the technology company’s stock worth $493,000 after purchasing an additional 329 shares during the period. Envestnet Asset Management Inc. increased its position in Verint Systems by 0.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 35,251 shares of the technology company’s stock valued at $1,279,000 after buying an additional 331 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Verint Systems by 3.2% in the fourth quarter. AQR Capital Management LLC now owns 11,324 shares of the technology company’s stock worth $411,000 after acquiring an additional 355 shares in the last quarter. Finally, Pathstone Family Office LLC grew its stake in Verint Systems by 4.5% in the fourth quarter. Pathstone Family Office LLC now owns 9,277 shares of the technology company’s stock valued at $337,000 after acquiring an additional 397 shares during the period.

Verint Systems Stock Performance

The company has a fifty day moving average price of $34.93 and a 200 day moving average price of $35.85. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.26 and a quick ratio of 1.23. The stock has a market cap of $1.60 billion, a P/E ratio of -497.40, a P/E/G ratio of 1.75 and a beta of 0.99.

Verint Systems Company Profile

(Get Free Report)

Verint Systems Inc provides customer engagement solutions worldwide. It offers various applications for use in Forecasting and Scheduling, which understands the work needed to meet and exceed customer expectations; Quality and Compliance that uses automation and analytics for customer interactions for attended and self-service channels; Interaction Insights, which extracts insights from structured and unstructured customer interactions and activities; Real-Time Work that supports in-the-moment workforce activities; Engagement Channels, an application for messaging, social, chat, email, and interactive voice response; Conversational AI, an intelligent virtual assistant application to enable human-like conversations across every channel; Knowledge Management, which enables humans and bots to deliver service with tools.