BUZZ-Sapiens International falls after downbeat results, forecast cut

Reuters
2024-11-11
BUZZ-Sapiens International falls after downbeat results, forecast cut

** Sapiens International's SPNS.O shares fall 21.4% to $31 premarket

** Company, which provides software solutions for insurance industry, reports Q3 revenue of $137 mln vs est $140.1 mln - LSEG

** Reports Q3 adj EPS of 37 cents/shr vs est 38 cents/shr

** Company lowers 2024 adj revenue forecast range to $541 mln-$546 mln from $550 mln-$555 mln

** Analysts expect FY24 revenue of $552.7 mln

** "Looking into 2025, we anticipate a low single-digit revenue growth" - CEO Roni Al-Dor

** 2 of 5 brokerages rate the stock "buy" or higher, 1 "hold" and 2 "sell"; median PT $40

** Company's shares up 36.3% YTD

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.parmar@thomsonreuters.com))

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