These Analysts cUT Their Forecasts On Verint Systems Following Downbeat Q2 Results

Author: Avi Kapoor | September 05, 2024 01:53pm

Verint Systems Inc. (NASDAQ:VRNT) reported worse-than-expected second-quarter financial results and announced a new $200 million stock buyback program on Wednesday.

Verint reported quarterly earnings of 49 cents per share which missed the analyst consensus estimate of 53 cents per share. The company reported quarterly sales of $210.170 million which missed the analyst consensus estimate of $212.840 million.

Dan Bodner, Verint CEO commented, “Behind our AI momentum is delivering ‘AI Business Outcomes, Now’™ better than any other vendor in the market. We launched our AI platform a year ago and we now have many customers, including some of the world’s leading brands, reporting strong AI business outcomes achieving significant ROI with Verint’s AI-powered bots. In Q2, we reported strong AI bookings growth and Bundled SaaS revenue growth driven by AI. We believe the AI opportunity in the contact center is very large and still in its early stages and that our ability to demonstrate measurable AI business outcomes positions us well for strong AI bookings growth in the second half of the year and accelerating revenue growth over time.”

Verint shares fell 9.1% to trade at $27.14 on Thursday.

These analysts made changes to their price targets on Verint following earnings announcement.

• Evercore ISI Group analyst Peter Levine maintained Verint with an In-Line and lowered the price target from $34 to $30.
• Jefferies analyst Samad Samana maintained the stock with a Hold and lowered the price target from $32 to $28.
• TD Cowen analyst Shaul Eyal maintained Verint Systems with a Buy and slashed the price target from $40 to $36.

Considering buying VRNT stock? Here’s what analysts think:

Posted In: VRNT