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 164 institutional investors, with FIL Ltd as the largest holder at 7.63%.

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: 164
Value Held: $1.0B
Shares Held: 24.3M
Avg Position: $6.4M
Median Position: $791.5K

Hedge Funds

Hedge Funds: 27
Value Held: $247.1M
Shares Held: 5.7M
Avg Position: $9.2M
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 3 months	$127.75B
BlackRock, Inc. Institution	Laurence D. Fink CEO	$91.4M 0.00% of portfolio	3.80% 2.1M shares	Q4 2018 Held for 7 years	$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 3 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 6m	$691.37B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$59.7M 0.00% of portfolio	2.48% 1.4M shares	≤ Q2 2013 Held for 12y 6m+	$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 9m	$388.0M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$26.5M 0.01% of portfolio	1.10% 615.3K shares	Q2 2017 Held for 8y 6m	$466.34B
CITIGROUP INC Institution	Jane Fraser CEO	$26.5M 0.02% of portfolio	1.10% 615.3K shares	Q4 2019 Held for 6 years	$144.32B
S SOROS FUND MANAGEMENT LLC Institution	-	$25.9M 0.60% of portfolio	1.08% 603.3K shares	Q3 2025 Held for 3 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 6m+	$75.8B

Net Capital Flow

Institutional buying and selling activity for SPNS in Q3 2025

Traded: +$338.2M
Buyers: 106
Sellers: 86
Total Bought: +$609.0M
Total Sold: −$270.8M
Avg Position: $4.9M

Biggest Buyers

Institution	Net Bought	Current Position
F FIL Ltd Institution	+$183.3M +4.3M shares	$183.3M 4.3M shares
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	+$83.9M +2.0M shares	$83.9M 2.0M shares
GOLDMAN SACHS GROUP INC Institution	+$55.4M +1.3M shares	$72.6M 1.7M shares
S SOROS FUND MANAGEMENT LLC Institution	+$25.9M +603.3K shares	$25.9M 603.3K shares
CITIGROUP INC Institution	+$25.9M +602.8K shares	$26.5M 615.3K shares
BlackRock, Inc. Institution	+$21.1M +491.0K shares	$91.4M 2.1M shares
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven	+$18.1M +421.4K shares	$18.1M 421.4K shares
JPMORGAN CHASE & CO Institution	+$17.5M +408.1K shares	$23.8M 553.1K shares
Vivaldi Asset Management, LLC Fund of Funds	+$17.5M +406.4K shares	$17.5M 406.4K shares
MORGAN STANLEY RIA/Wealth	+$14.3M +333.2K shares	$19.5M 453.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
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
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
MENORA MIVTACHIM HOLDINGS LTD. Private Equity	−$9.4M −322.4K shares	Sold Off 0 shares
R ROYAL BANK OF CANADA Institution	−$8.5M −198.5K shares	$1.1M 25.3K shares

Entry and Exit Activity

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

New Positions: 36
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
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	$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 9m	$388.0M
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven	John Sabbott Orrico CIO	2.82% $18.1M	0.75% 421.4K shares	Q3 2025 Held for 3 months	$641.5M
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	-	1.73% $7.6M	0.32% 177.1K shares	Q3 2025 Held for 3 months	$440.6M
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	Ludger (Nmn) Hentschel President	1.43% $7.8M	0.32% 181.0K shares	Q3 2025 Held for 3 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 3 months	$6.0B
O Omni Event Management Ltd Institution	-	1.17% $10.1M	0.42% 233.8K shares	Q3 2025 Held for 3 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 3 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 3 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 3 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 3 months	$86.9M

Hedge Fund Spotlight

Discover hedge funds investing in SPNS

Nine Ten Capital Management LLC

Hedge Fund • Long/Short

Portfolio ManagerRussell Chad Mollen

Portfolio Value: $388.0M
Positions: 9
Last Reported: Q3 2025

Sector Allocation

Position in Sapiens International Corporation N.V.

Market Value: $49.4M
Shares Held: 1.1M
Portfolio Weight: 12.74%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Magnite MGNI	Advertising Agencies Communication Services	$62.3M	16.05%
2 iRadimed IRMD	Medical - Devices Healthcare	$54.9M	14.15%
3 Sapiens International Corporation N.V. SPNS	Software - Application Technology	$49.4M	12.74%