Sapient Falls 6.2% Despite Strong Results (SAPE)

Despite beating Wall Street estimates, shares of business and technology consulting services provider Sapient Corporation SAPE are trading down 6.2% at $10.49 per share on Friday afternoon. The day's trading range for shares of Sapient Corporation has been between $10.08 and $11 per share. Analysts covering the company's stock have a consensus price target of $11.41 per share. Volume of 2.1 million shares is already nearly double the daily average volume of 1.2 million shares. Sapient Corporation (SAPE) released financial results on Thursday after the closing bell that beat Wall Street estimates. The company announced 2nd quarter adjusted earnings of 9 cents per share, on revenue of $210.7 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 7 cents per share, on revenue of $195.06 million. The company forecast 3rd quarter service revenues of $208 million or higher and a non-GAAP operating margin of 11% to 12%. President and chief executive officer Alan J. Herrick said, “We’re pleased with our strong results this quarter, particularly our continuing improvement in operating margins. Our clients continue to recognize Sapient’s unique offerings, resulting in strong demand across all segments of our business.” Read more from Benzinga's Company news.