Bastion Asset Management Inc. Sells 80,218 Shares of Verint Systems Inc. (NASDAQ:VRNT)

Key Points

• Bastion Asset Management Inc. significantly reduced its stake in Verint Systems by 55.6%, selling 80,218 shares and retaining approximately 0.10% ownership of the company.
• Verint Systems recently reported earnings of $0.29 per share, falling short of the expected $0.41, with a revenue decline of 6.0% year-over-year.
• Analysts have a consensus rating of "Moderate Buy" for Verint Systems, with the average price target set at $31.71.

Bastion Asset Management Inc. lowered its position in shares of Verint Systems Inc. (NASDAQ:VRNT - Free Report) by 55.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,116 shares of the technology company's stock after selling 80,218 shares during the period. Bastion Asset Management Inc. owned about 0.10% of Verint Systems worth $1,260,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Clark Capital Management Group Inc. boosted its position in Verint Systems by 0.4% during the 4th quarter. Clark Capital Management Group Inc. now owns 142,398 shares of the technology company's stock valued at $3,909,000 after buying an additional 515 shares during the period. Philadelphia Trust Co. lifted its position in shares of Verint Systems by 0.9% in the 4th quarter. Philadelphia Trust Co. now owns 106,800 shares of the technology company's stock worth $2,932,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN lifted its position in shares of Verint Systems by 3.5% in the 4th quarter. Wells Fargo & Company MN now owns 46,614 shares of the technology company's stock worth $1,280,000 after purchasing an additional 1,562 shares during the period. Sterling Capital Management LLC lifted its position in shares of Verint Systems by 808.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,925 shares of the technology company's stock worth $53,000 after purchasing an additional 1,713 shares during the period. Finally, MetLife Investment Management LLC lifted its position in shares of Verint Systems by 5.2% in the 4th quarter. MetLife Investment Management LLC now owns 37,507 shares of the technology company's stock worth $1,030,000 after purchasing an additional 1,853 shares during the period. Hedge funds and other institutional investors own 94.95% of the company's stock.

Verint Systems Trading Up 1.3%

NASDAQ VRNT traded up $0.29 during trading hours on Wednesday, hitting $22.09. 218,055 shares of the company's stock traded hands, compared to its average volume of 1,093,637. Verint Systems Inc. has a 52 week low of $14.15 and a 52 week high of $37.31. The firm has a market capitalization of $1.33 billion, a P/E ratio of 26.96, a P/E/G ratio of 0.86 and a beta of 1.43. The business's fifty day moving average price is $19.22 and its two-hundred day moving average price is $20.40.

Verint Systems (NASDAQ:VRNT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The technology company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.12). Verint Systems had a net margin of 7.66% and a return on equity of 12.35%. The firm had revenue of $173.62 million for the quarter, compared to analysts' expectations of $194.61 million. During the same period in the prior year, the firm earned $0.59 EPS. Verint Systems's revenue for the quarter was down 6.0% compared to the same quarter last year. On average, sell-side analysts expect that Verint Systems Inc. will post 1.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

VRNT has been the subject of a number of recent research reports. Cowen reissued a "buy" rating on shares of Verint Systems in a research report on Wednesday, June 4th. Rosenblatt Securities assumed coverage on shares of Verint Systems in a research note on Friday, July 18th. They set a "buy" rating and a $40.00 price objective for the company. Wedbush restated an "outperform" rating and set a $30.00 price objective on shares of Verint Systems in a research note on Wednesday, June 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Verint Systems in a research note on Thursday, June 5th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.71.

Verint Systems Company Profile

Verint Systems Inc provides customer engagement solutions worldwide. It offers forecasting and scheduling, channels and routing, knowledge management, fraud and security solutions, quality and compliance, analytics and insights, real-time assistance, self-services, financial compliance, and voice pf the consumer solutions.