The 25% leap
(NYSE:DOX) shares accomplished in April awoke the company's shareholders. The stream of profit-taking actually began in mid-March. But last week
(NYSE:SBC) petitioned to sell 864,60 shares, worth about $49 million.
SBC is one of Amdocs' biggest customers. This year SBC has sold $200 million worth of Amdocs shares.
Analysts assess Amdocs' 12-month price target at $100, on average. But its shareholders apparently don't want to wait. They are selling at about $56 per share.
Since SBC filed its request, Amdocs shares have risen by another 6.5%.
On March 1 and then again on April 23, SBC warned of falling fortunes. In April it announced that its first quarter profits had fallen, and also cut its earnings forecast for the year. Excluding one-time charges, SBC's profits fell 9% against the parallel to $1.74 billion or 51 cents a share, compared with $1.91 billion or 56 cents a share in the first quarter of 2000. More to the point, SBC warned that earnings for the year 2001 before nonrecurring items would be in the range of $2.35 to $2.40 a share. Analysts had expected $2.46 a share.
SBC isn't the only one taking profit. So is TOES, a company formed by senior Amdocs executives, headed by CEO Avi Naor and former CEO Boaz Dotan. A week ago it too submitted a request to sell 16,300 shares worth $960,000.