Synovus Financial Corp Acquires 28,056 Shares of Sapiens International Corporation N.V. $SPNS

Key Points

• Synovus Financial Corp increased its stake in Sapiens International Corporation N.V. by 45.6%, acquiring an additional 28,056 shares, bringing its total ownership to approximately 0.16% of the company, worth $2.426 million.
• Several other institutional investors, including Royce & Associates LP and Rhumbline Advisers, also raised their stakes in Sapiens, reflecting increased institutional interest in the company.
• Analyst ratings for Sapiens International show a shift, with Needham & Company and Wall Street Zen downgrading the stock from "buy" to "hold," indicating a cautious outlook amidst mixed price targets.

Synovus Financial Corp increased its holdings in Sapiens International Corporation N.V. (NASDAQ:SPNS - Free Report) by 45.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,565 shares of the technology company's stock after purchasing an additional 28,056 shares during the quarter. Synovus Financial Corp owned approximately 0.16% of Sapiens International worth $2,426,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SPNS. Nuveen LLC bought a new stake in shares of Sapiens International in the first quarter worth $7,044,000. Royce & Associates LP grew its stake in shares of Sapiens International by 25.9% in the first quarter. Royce & Associates LP now owns 1,174,043 shares of the technology company's stock worth $31,805,000 after purchasing an additional 241,340 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Sapiens International by 467.6% in the first quarter. Rhumbline Advisers now owns 264,065 shares of the technology company's stock worth $7,154,000 after purchasing an additional 217,540 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Sapiens International in the first quarter worth $2,248,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Sapiens International in the first quarter worth $1,905,000. Institutional investors own 30.73% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on SPNS. Wall Street Zen lowered shares of Sapiens International from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Barclays boosted their target price on shares of Sapiens International from $28.00 to $31.00 and gave the company an "underweight" rating in a report on Friday, May 9th. Finally, Needham & Company LLC lowered shares of Sapiens International from a "buy" rating to a "hold" rating and set a $35.00 target price on the stock. in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $31.33.

Sapiens International Stock Performance

Shares of NASDAQ SPNS traded down $0.07 during trading on Thursday, hitting $42.86. 689,286 shares of the company traded hands, compared to its average volume of 1,982,451. The business's fifty day moving average is $32.29 and its 200 day moving average is $29.19. Sapiens International Corporation N.V. has a fifty-two week low of $23.69 and a fifty-two week high of $42.94. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 35.13 and a beta of 0.93.

About Sapiens International

Sapiens International Corporation N.V. provides software solutions for the insurance industry in North America, the United Kingdom, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides various solutions for property and casualty commercial and personal lines, life and pensions, and reinsurance fields.