Sapiens International (NASDAQ:SPNS) Hits New 1-Year High - Here's What Happened

Key Points

• Sapiens International Corporation N.V. shares reached a new 52-week high of $42.93, trading volume reached 607,542 shares.
• Wall Street analysts have downgraded the stock from a "buy" to a "hold" rating, with a consensus target price of $31.33.
• Institutional investors significantly increased their holdings in Sapiens International, with notable increases from firms such as State of Wyoming and Tower Research Capital LLC TRC.

Sapiens International Corporation N.V. (NASDAQ:SPNS - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $42.93 and last traded at $42.93, with a volume of 607542 shares. The stock had previously closed at $42.81.

Wall Street Analyst Weigh In

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

Sapiens International Price Performance

The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 35.17 and a beta of 0.94. The stock has a fifty day moving average of $32.86 and a 200 day moving average of $29.46.

Hedge Funds Weigh In On Sapiens International

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its stake in shares of Sapiens International by 227.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 550,343 shares of the technology company's stock valued at $14,909,000 after purchasing an additional 382,138 shares during the last quarter. Nuveen LLC acquired a new stake in Sapiens International in the 1st quarter valued at about $7,044,000. Millennium Management LLC increased its holdings in shares of Sapiens International by 217.1% in the 1st quarter. Millennium Management LLC now owns 371,368 shares of the technology company's stock valued at $10,060,000 after acquiring an additional 254,259 shares during the last quarter. Royce & Associates LP increased its holdings in shares of Sapiens International by 25.9% in the 1st quarter. Royce & Associates LP now owns 1,174,043 shares of the technology company's stock valued at $31,805,000 after acquiring an additional 241,340 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Sapiens International by 467.6% during the 1st quarter. Rhumbline Advisers now owns 264,065 shares of the technology company's stock worth $7,154,000 after buying an additional 217,540 shares during the last quarter. Institutional investors and hedge funds own 30.73% of the company's stock.

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.