MELVILLE, NY - Verint Systems Inc. (NASDAQ:VRNT), a company specializing in computer integrated systems design, has amended its bylaws, effective immediately, as of November 22, 2024.
The modifications, endorsed by the Board of Directors and based on recent Delaware court decisions, streamline procedures and disclosure requirements for shareholder nominations and proposals.
The changes to the Amended and Restated By-laws include alterations to the advance notice provisions for stockholder nominations, specifically concerning beneficial ownership information.
The requirement for stockholders to disclose derivative interests has been updated, and the procedures for disclosing persons acting in concert with the stockholder submitting the notice have been refined.
Additionally, the mandate for a stockholder’s notice to reveal any performance-related fees tied to the value of the company's shares or derivative instruments has been eliminated.
This decision reflects the company's efforts to adapt its governance structure in response to evolving legal standards. The updated bylaws are designed to facilitate clearer and more efficient shareholder communication with the company regarding board nominations and other proposals.
The Amended By-laws are detailed in Exhibit 3.1 attached to the Current Report on Form 8-K filed with the Securities and Exchange Commission. This report, dated today, formalizes the amendments and is accessible for review.
Verint Systems, incorporated in Delaware with fiscal year ending January 31, has its principal executive offices in Melville, New York. The company's common stock is listed on the NASDAQ Global Select Market under the ticker VRNT.
This news is based on a press release statement and provides a concise overview of the key changes to Verint Systems Inc.'s governance documents, ensuring shareholders are informed of the latest corporate governance developments.
In other recent news, Verint Systems Inc. has seen significant growth in AI bookings and bundled Software (ETR:SOWGn) as a Service (SaaS) revenue, reporting a 40% year-over-year increase in new AI bookings and a 15% rise in AI-driven bundled SaaS revenue in Q2 2025.
Despite an earnings shortfall in the same quarter, TD Cowen maintains a Buy rating for Verint, adjusting its price target for the company. Verint has also recently completed a $200 million share buyback, announcing a new buyback program of the same value.
Verint has reaffirmed its financial guidance for fiscal year 2025, setting ambitious targets for fiscal year 2027, aiming for a 'rule-of-40' performance. This implies a combined revenue growth and EBITDA margin that equals 40%. Needham also maintains a positive stance on Verint, with a $40.00 price target for the company's shares.
Verint has expanded its analytics solutions aimed at contact centers, introducing the Verint Genie Bot as part of its suite. This AI-powered addition is designed to streamline data analysis processes, enabling analysts to deliver more profound insights and reduce the time taken to derive them. These recent developments highlight Verint's commitment to AI innovation and financial growth.
InvestingPro Insights
To provide additional context to Verint Systems Inc.'s recent bylaw amendments, let's examine some key financial metrics and insights from InvestingPro.
Verint Systems currently has a market capitalization of $1.54 billion, with a price-to-earnings ratio of 36.79. This relatively high P/E ratio suggests that investors are pricing in expectations of future growth.
InvestingPro Tips highlight that Verint has a perfect Piotroski Score of 9, indicating strong financial health across various metrics. This could be reassuring for shareholders in light of the recent governance changes. Additionally, management has been aggressively buying back shares, which may signal confidence in the company's future prospects.
The company's revenue for the last twelve months stands at $915.1 million, with a modest growth rate of 3.03%. Notably, Verint boasts a strong gross profit margin of 71.36%, reflecting efficient cost management in its core operations.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for Verint Systems, providing a deeper understanding of the company's financial position and market performance.
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