Roth Capital downgraded Sapiens International Corp. NV (NASDAQ: SPNS) from Buy to Neutral with a price target of $12.00 (from $13.00).

Analyst Richard Baldry commented, "Sapiens' 3Q15 results were solid, with revenues and EPS moderately above our estimates. However, soft YTD software sales, moderated growth and significant near-term hiring leave EPS modeled range-bound until 3Q16. Given a premium earnings multiple (20x its current peak run-rate) has developed after two years of share appreciation (up nearly 2x) outpacing EPS growth (up 20% comparing 3Q13 to 3Q15), we see downside multiple risk and are lowering our target price to $12.00 and our rating to Neutral accordingly."

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Shares of Sapiens International Corp. NV closed at $11.41 yesterday.