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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "presentationDate": "2019-05-23 00:00:00",
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      "kind": "callout",
      "text": "Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell.",
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      "text": "Despite its technology falling behind competitors, and despite most growth coming from low-quality M&A, VRNT shares are currently trading near their all-time highs, and well above its historical valuation range. We believe that the market is incorrectly interpreting reported top-line growth as a signal that the underlying business is healthy. The Company is set up to disappoint investors not only as its ASC 606 benefits lapse, but as continued M&A fails to support cash flow growth or even longer-term sales growth without further value-destroying M&A. With Verint more levered than the market believes, the Company has less capacity for continued acquisitions than investors perceive, and aggressive insider selling leaves management with increasingly less incentive to manage the Company in the interest of shareholders.",
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