U.S. markets open in 3 hours 36 minutes
  • S&P Futures

    4,412.25
    -2.75 (-0.06%)
     
  • Dow Futures

    34,964.00
    -34.00 (-0.10%)
     
  • Nasdaq Futures

    15,056.50
    +10.25 (+0.07%)
     
  • Russell 2000 Futures

    2,215.70
    -3.70 (-0.17%)
     
  • Crude Oil

    70.37
    -0.19 (-0.27%)
     
  • Gold

    1,816.10
    +2.00 (+0.11%)
     
  • Silver

    25.75
    +0.16 (+0.64%)
     
  • EUR/USD

    1.1861
    -0.0007 (-0.06%)
     
  • 10-Yr Bond

    1.1760
    0.0000 (0.00%)
     
  • Vix

    18.23
    -1.23 (-6.32%)
     
  • GBP/USD

    1.3938
    +0.0023 (+0.17%)
     
  • USD/JPY

    109.1790
    +0.1290 (+0.12%)
     
  • BTC-USD

    37,832.13
    -755.68 (-1.96%)
     
  • CMC Crypto 200

    924.63
    -18.81 (-1.99%)
     
  • FTSE 100

    7,134.55
    +28.83 (+0.41%)
     
  • Nikkei 225

    27,584.08
    -57.75 (-0.21%)
     

Verint Posts Stronger-than-Expected Quarterly Results; Street Says Buy

·2 min read

Verint Systems Inc (VRNT) announced better-than-expected fiscal first quarter results. The company sells software and hardware products for customer engagement management, security, surveillance, and business intelligence.

Non-GAAP revenue generated in the quarter was $202 million, which grew 7% from the year-ago period and beat revenue expectations of $196.5 million.

Adjusted earnings came in at $0.44 per share, beating the consensus estimates of $0.35 per share and increased 10% year-over-year. Cloud revenue was up over 35% year-over-year.

Verint CEO Dan Bodner said, “We believe our open cloud platform is a true differentiator that helps brands connect work, data and experiences across the enterprise to support their digital transformation strategies.”

Bodner added, “Recent large multi-year cloud wins driven by our cloud platform include orders (total contract value) worth $17 million (healthcare), $10 million (financial services), $4 million (business services), $4 million (logistics) and $3 million (insurance).” (See Verint stock analysis on TipRanks)

For fiscal year 2022, the company expects revenues to come in the range of $860 million (+/- 2%). The consensus estimate sits at $861.68 million. Non-GAAP net earnings per share are expected at $2.23 versus the consensus estimate of $2.19 per share.

Following the fiscal Q1 earnings release, Oppenheimer analyst Timothy Horan reiterated a Buy rating on the stock and a price target of $60. This implies 29.7% upside potential from current levels.

Horan said, “VRNT reported a solid quarter driven by demand for cloud and is now a pure play AI driven customer engagement company. We think it can continue to sign large cloud deals across contact center and other verticals, non-contact center wins provide upside opportunity and represent only 20% of total revenue.”

Consensus among analysts is a Strong Buy based on 8 unanimous Buys. The VRNT average analyst price target of $62.38 implies 34.9% upside potential from the current levels. Shares have gained 106.4% over the past year.

Related News:
Seagate Technology Increases Q4 2021 Guidance; Shares Rise 2.2%
Casey’s General Q4 Earnings Beat Expectations; Street Remains Cautiously Optimistic
Pegasystems Gives Green Light to Expand Share Buyback Program; Shares Jump 3.2%

More recent articles from Smarter Analyst: