Sapiens International Corporation N.V.

SPNS • NASDAQ

Sapiens International Corporation N.V. is a software - application company in the technology sector on NASDAQ, led by Roni Al-Dor, with a market cap of $2.4B. As of Q3 2025, 44% of shares are held by 163 institutional investors, with FIL Ltd as the largest holder at 7.63%.

President and CEORoni Al-Dor

Market Cap$2.4B

Software - Application

Technology

Employees5.0K

Websitesapiens.com

Overview

Overview of institutional ownership in SPNS as of Q3 2025 with a market cap of $2.4B

All Institutions

Institutions: 163
Value Held: $1.0B
Shares Held: 24.3M
Avg Position: $6.4M
Median Position: $797.8K

Hedge Funds

Hedge Funds: 26
Value Held: $247.1M
Shares Held: 5.7M
Avg Position: $9.5M
Median Position: $2.2M

Ownership Breakdown

Institutional (non-HF)

33.27%

$799.7M

Hedge Funds

10.28%

$247.1M

Retail & Other

56.45%

$1.4B

Based on market cap of $2.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SPNS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
F FIL Ltd Institution	-	$183.3M 0.14% of portfolio	7.63% 4.3M shares	Q3 2025 Held for 2 months	$127.75B
B BlackRock, Inc. Institution	-	$91.4M 0.00% of portfolio	3.80% 2.1M shares	Q4 2018 Held for 6y 11m	$5.67T
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	$83.9M 1.39% of portfolio	3.49% 2.0M shares	Q3 2025 Held for 2 months	$6.0B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$72.6M 0.01% of portfolio	3.02% 1.7M shares	Q2 2020 Held for 5y 5m	$691.34B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$59.7M 0.00% of portfolio	2.48% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
Nine Ten Capital Management LLC Hedge Fund•Long/Short	Russell Chad Mollen President	$49.4M 12.74% of portfolio	2.06% 1.1M shares	Q1 2024 Held for 1y 8m	$388.0M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$26.5M 0.01% of portfolio	1.10% 615.3K shares	Q2 2017 Held for 8y 5m	$466.32B
CITIGROUP INC Institution	Jane Fraser CEO	$26.5M 0.02% of portfolio	1.10% 615.3K shares	Q4 2019 Held for 5y 11m	$144.32B
S SOROS FUND MANAGEMENT LLC Institution	-	$25.9M 0.60% of portfolio	1.08% 603.3K shares	Q3 2025 Held for 2 months	$4.3B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	David Allen Lippe CEO	$24.0M 0.03% of portfolio	1.00% 559.0K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B

Net Capital Flow

Institutional buying and selling activity for SPNS in Q3 2025

Net Flow: −$165.8M
Buyers: 55
Sellers: 90
Total Bought: +$177.7M
Total Sold: −$343.5M
Avg Position: $3.7M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$55.4M +1.3M shares	$72.6M 1.7M shares
CITIGROUP INC Institution	+$25.9M +602.8K shares	$26.5M 615.3K shares
B BlackRock, Inc. Institution	+$21.1M +491.0K shares	$91.4M 2.1M shares
JPMORGAN CHASE & CO Institution	+$17.5M +408.1K shares	$23.8M 553.1K shares
MORGAN STANLEY RIA/Wealth	+$14.3M +333.2K shares	$19.5M 453.3K shares
Q Qube Research & Technologies Ltd Institution	+$7.4M +172.9K shares	$14.2M 330.2K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	+$6.4M +149.6K shares	$6.4M 149.6K shares
BANK OF AMERICA CORP /DE/ Institution	+$6.2M +144.7K shares	$9.5M 222.0K shares
Marshall Wace LLP Institution	+$4.8M +112.1K shares	$4.8M 112.1K shares
D D. E. Shaw & Co., Inc. Institution	+$3.5M +81.4K shares	$3.8M 88.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$34.7M −806.2K shares	$726.7K 16.9K shares
R ROYCE & ASSOCIATES LLC Institution	−$31.5M −1.1M shares	Sold Off 0 shares
Topline Capital Management, LLC Hedge Fund•Long/Short	−$30.3M −1.0M shares	Sold Off 0 shares
C Clal Insurance Enterprises Holdings Ltd Institution	−$24.6M −572.0K shares	$371.3K 8.6K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$21.9M −747.0K shares	Sold Off 0 shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$21.8M −507.9K shares	$26.5M 615.3K shares
HARRIS ASSOCIATES L P Long Only Manager	−$19.7M −674.0K shares	Sold Off 0 shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$15.4M −357.3K shares	$13.7M 319.5K shares
H Harel Insurance Investments & Financial Services Ltd. Institution	−$12.2M −418.3K shares	Sold Off 0 shares
RHUMBLINE ADVISERS Long Only Manager	−$9.8M −227.5K shares	$1.9M 44.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited SPNS in Q3 2025

New Positions: 35
New Value: $425.5M
Exited Positions: 48
Exited Value: $172.4M

New Positions

Institution	Position Value
F FIL Ltd Institution	$183.3M 4.3M shares
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	$83.9M 2.0M shares
S SOROS FUND MANAGEMENT LLC Institution	$25.9M 603.3K shares
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven	$18.1M 421.4K shares
Vivaldi Asset Management, LLC Fund of Funds	$17.5M 406.4K shares
Woodline Partners LP Hedge Fund•Long/Short	$13.8M 322.0K shares
O Omni Event Management Ltd Institution	$10.1M 233.8K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$8.0M 186.2K shares
A ARP AMERICAS LLC Hedge Fund•Long/Short	$7.8M 181.0K shares
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	$7.6M 177.1K shares

Exited Positions

Institution	Previous Position
R ROYCE & ASSOCIATES LLC Institution	$31.5M 1.1M shares
Topline Capital Management, LLC Hedge Fund•Long/Short	$30.3M 1.0M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$21.9M 747.0K shares
HARRIS ASSOCIATES L P Long Only Manager	$19.7M 674.0K shares
H Harel Insurance Investments & Financial Services Ltd. Institution	$12.2M 418.3K shares
MENORA MIVTACHIM HOLDINGS LTD. Private Equity	$9.4M 322.4K shares
Aptus Capital Advisors, LLC ETF Provider	$7.1M 243.1K shares
SEIZERT CAPITAL PARTNERS, LLC Long Only Manager	$5.6M 192.8K shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	$5.3M 182.8K shares
S SEI INVESTMENTS CO Institution	$3.7M 125.3K shares

Options Activity

Institutions with the largest Call and Put options positions in SPNS as of Q3 2025

Call Positions: 3
Call Value: $5.5M
Put Positions: 1
Put Value: $675.1K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.4M 1.0K contracts
Walleye Trading LLC RIA/Wealth	$657.9K 153.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$434.3K 101.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$675.1K 157.0 contracts

Most Committed Institutions

Institutions with SPNS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Nine Ten Capital Management LLC Hedge Fund•Long/Short	Russell Chad Mollen President	12.74% $49.4M	2.06% 1.1M shares	Q1 2024 Held for 1y 8m	$388.0M
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven	Matthew James Osowiecki CIO	2.82% $18.1M	0.75% 421.4K shares	Q3 2025 Held for 2 months	$641.5M
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	-	1.73% $7.6M	0.32% 177.1K shares	Q3 2025 Held for 2 months	$440.6M
A ARP AMERICAS LLC Hedge Fund•Long/Short	Joshua Seth Sweren Managing Partner	1.43% $7.8M	0.32% 181.0K shares	Q3 2025 Held for 2 months	$544.4M
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	1.39% $83.9M	3.49% 2.0M shares	Q3 2025 Held for 2 months	$6.0B
O Omni Event Management Ltd Institution	-	1.17% $10.1M	0.42% 233.8K shares	Q3 2025 Held for 2 months	$860.9M
Vivaldi Asset Management, LLC Fund of Funds	Michael Dillon Peck CEO	1.16% $17.5M	0.73% 406.4K shares	Q3 2025 Held for 2 months	$1.5B
P SCHOENFELD ASSET MANAGEMENT LP Hedge Fund•Event Driven	Peter Michael Schoenfeld CEO	0.95% $3.3M	0.14% 77.4K shares	Q3 2025 Held for 2 months	$351.9M
GABELLI SECURITIES INC Hedge Fund•Multi-Strategy	Patrick Bernard Huvane CEO	0.93% $5.7M	0.24% 132.2K shares	Q3 2025 Held for 2 months	$610.0M
B BCK CAPITAL MANAGEMENT LP Hedge Fund•Event Driven	Wayne Wei-Yin Yu CEO	0.78% $677.9K	0.03% 15.8K shares	Q3 2025 Held for 2 months	$86.9M