Needham & Company analyst Mayank Tandon raised the price target on Sapiens International Corp. NV (NASDAQ: SPNS) to $17.00 (from $16.00) while maintaining a Buy rating.

The analyst commented, "SPNS posted strong 1Q19 results, beating estimates on both the top and bottom line. The company noted that revenue growth within the P&C business, particularly within North America is accelerating while life and annuity revenues are stabilizing. SPNS reiterated its full-year outlook which calls for 10% organic revenue growth and 180 bps of margin expansion. We remain positive on the shares and believe that today's pullback creates an opportunity for small-cap GARP investors given the company's improving top-line growth, margin expansion, and strong competitive foothold as a provider of software and services to the insurance sector. We are reiterating our BUY rating and raising our target to $17."