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SPNS has been benefiting from an innovative SaaS portfolio, which is helping it expand its customer base and drive top-line growth. In second-quarter 2024, revenues increased 6.6% year over year to $136.8 million. Annualized recurring revenue (ARR) rose 12.1% year over year to $168.6 million.
Sapiens expanding partner base has been a key catalyst. Its recent collaboration with Microsoft (MSFT - Free Report) has been beneficial in accelerating the usage of AI on its platform to provide standout solutions for customers.
Strong Portfolio, Partner Base to Aid SPNS Stock Go Higher
Increasing product capabilities, robust partner base and growing investment towards enhanced AI-powered platforms are expected to drive Sapiens prospects in the near term.
Sapiens International Corporation N.V. Price and Consensus
Expanding clientele with the additions of Society Insurance, Continental General Insurance and Rockford Mutual Insurance expands Sapiens’ top-line growth.
Society Insurance recently selected Sapiens ReinsurancePro to upgrade its reinsurance management process into a cloud-based system.
Continental General Insurance selected SPNS to boost its long-term care insurance specialty and expand its third-party administrator (TPA) services through its affiliated TPA, Continental General Services.
Rockford Mutual Insurance selected Sapiens ReinsurancePro to fully automate its reinsurance management processes to maximize efficiency and profitability and mitigate costly claims leakage.
SPNS’ expanding international footprint in the U.K., Germany, the Caribbean, Thailand and Canada has been a significant growth driver.
Pan-American Life Insurance Group recently went live with Sapiens IllustrationPro, a comprehensive SaaS solution hosted on the Microsoft Azure cloud.
Pan-American Life Insurance has affiliates and branches in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago.
Bangkok Insurance Public Company Limited, a leading insurer in Thailand, has successfully implemented the Sapiens Property & Casualty (P&C) platform. This implementation, which includes the Sapiens IDITSuite for Property & Casualty, Sapiens ReinsuranceMaster and Sapiens Intelligence, marks one of the most extensive and complex projects in the Thai insurance sector to date.
Republic Life, a Caribbean-based company, adopted Sapiens CoreSuite for Life & Annuities and Sapiens Digital Suite hosted on Microsoft Azure cloud. SPNS expanded its footprint into Canada on the back of its Saskatchewan Workers’ Compensation Board partnership.
BHSF, a U.K.-based ‘profit for good’ health and wellbeing provider, has chosen to deploy the Sapiens Platform, including Sapiens IDITSuite for P&C and Sapiens DigitalSuite. German pet insurance brand Cleo also deployed Sapiens SCIPSuite to accelerate its underwriting, digital sales and go-to-market processes.
Sapiens’ Outlook Remains Positive
For 2024, SPNS expects revenues to be between $550 million and $555 million, indicating 7.3% growth over 2023. The Zacks Consensus Estimate for 2024 revenues is pegged at $552.5 million, indicating year-over-year growth of 7.37%.
Operating income is expected to be between $99.6 million and $102.7 million. SPNS still expects the non-GAAP operating margin to be between 18.1% and 18.5%.
The consensus mark for earnings is pegged at $1.48 per share, unchanged in the past 30 days and indicating a 9.63% increase over 2023 tally.
Image: Bigstock
Sapiens (SPNS) Rides on Strong Portfolio, Partner Base
Sapiens International’s (SPNS - Free Report) shares have returned 20.4% year to date compared with the Zacks Computer Software industry’s growth of 8.4% and the Zacks Computer and Technology sector’s return of 18%.
SPNS has been benefiting from an innovative SaaS portfolio, which is helping it expand its customer base and drive top-line growth. In second-quarter 2024, revenues increased 6.6% year over year to $136.8 million. Annualized recurring revenue (ARR) rose 12.1% year over year to $168.6 million.
Sapiens expanding partner base has been a key catalyst. Its recent collaboration with Microsoft (MSFT - Free Report) has been beneficial in accelerating the usage of AI on its platform to provide standout solutions for customers.
Strong Portfolio, Partner Base to Aid SPNS Stock Go Higher
Increasing product capabilities, robust partner base and growing investment towards enhanced AI-powered platforms are expected to drive Sapiens prospects in the near term.
Sapiens International Corporation N.V. Price and Consensus
Sapiens International Corporation N.V. price-consensus-chart | Sapiens International Corporation N.V. Quote
Expanding clientele with the additions of Society Insurance, Continental General Insurance and Rockford Mutual Insurance expands Sapiens’ top-line growth.
Society Insurance recently selected Sapiens ReinsurancePro to upgrade its reinsurance management process into a cloud-based system.
Continental General Insurance selected SPNS to boost its long-term care insurance specialty and expand its third-party administrator (TPA) services through its affiliated TPA, Continental General Services.
Rockford Mutual Insurance selected Sapiens ReinsurancePro to fully automate its reinsurance management processes to maximize efficiency and profitability and mitigate costly claims leakage.
SPNS’ expanding international footprint in the U.K., Germany, the Caribbean, Thailand and Canada has been a significant growth driver.
Pan-American Life Insurance Group recently went live with Sapiens IllustrationPro, a comprehensive SaaS solution hosted on the Microsoft Azure cloud.
Pan-American Life Insurance has affiliates and branches in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago.
Bangkok Insurance Public Company Limited, a leading insurer in Thailand, has successfully implemented the Sapiens Property & Casualty (P&C) platform. This implementation, which includes the Sapiens IDITSuite for Property & Casualty, Sapiens ReinsuranceMaster and Sapiens Intelligence, marks one of the most extensive and complex projects in the Thai insurance sector to date.
Republic Life, a Caribbean-based company, adopted Sapiens CoreSuite for Life & Annuities and Sapiens Digital Suite hosted on Microsoft Azure cloud. SPNS expanded its footprint into Canada on the back of its Saskatchewan Workers’ Compensation Board partnership.
BHSF, a U.K.-based ‘profit for good’ health and wellbeing provider, has chosen to deploy the Sapiens Platform, including Sapiens IDITSuite for P&C and Sapiens DigitalSuite. German pet insurance brand Cleo also deployed Sapiens SCIPSuite to accelerate its underwriting, digital sales and go-to-market processes.
Sapiens’ Outlook Remains Positive
For 2024, SPNS expects revenues to be between $550 million and $555 million, indicating 7.3% growth over 2023. The Zacks Consensus Estimate for 2024 revenues is pegged at $552.5 million, indicating year-over-year growth of 7.37%.
Operating income is expected to be between $99.6 million and $102.7 million. SPNS still expects the non-GAAP operating margin to be between 18.1% and 18.5%.
The consensus mark for earnings is pegged at $1.48 per share, unchanged in the past 30 days and indicating a 9.63% increase over 2023 tally.
Zacks Rank & Other Stocks to Consider
Sapiens currently sports a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Audioeye (AEYE - Free Report) and Arista Networks (ANET - Free Report) each sporting a Zacks Rank #1(Strong Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Audioeye’s shares have gained 320.5% in the year-to-date period. The long-term earnings growth rate for AEYE is pegged at 25%.
Arista Networks’ shares have gained 47% in the year-to-date period. The long-term earnings growth rate for ANET is pegged at 17.2%.