Clearbridge Investments LLC Lowers Stock Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Clearbridge Investments LLC cut its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 7.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,351,149 shares of the technology company’s stock after selling 272,917 shares during the quarter. Clearbridge Investments LLC owned approximately 3.01% of Varonis Systems worth $160,755,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inspire Advisors LLC bought a new position in shares of Varonis Systems in the first quarter worth approximately $716,000. Seven Eight Capital LP bought a new position in Varonis Systems in the 1st quarter worth $706,000. Diversified Trust Co purchased a new stake in Varonis Systems in the 2nd quarter worth $575,000. Swedbank AB bought a new stake in Varonis Systems during the first quarter valued at about $3,344,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Varonis Systems by 562.0% in the second quarter. Harbor Capital Advisors Inc. now owns 19,337 shares of the technology company’s stock valued at $928,000 after acquiring an additional 16,416 shares in the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

Varonis Systems Stock Down 2.6 %

Shares of NASDAQ:VRNS opened at $55.02 on Wednesday. The company has a market cap of $6.13 billion, a price-to-earnings ratio of -58.53 and a beta of 0.81. Varonis Systems, Inc. has a 12 month low of $29.47 and a 12 month high of $58.32. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $54.00 and a 200 day moving average price of $48.43.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The firm had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. During the same quarter in the previous year, the business earned ($0.35) EPS. The company’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts predict that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, Vice Chairman James O’boyle sold 75,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total value of $3,828,000.00. Following the sale, the insider now owns 494,114 shares of the company’s stock, valued at $25,219,578.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

VRNS has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Varonis Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. TD Cowen increased their price objective on shares of Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Robert W. Baird raised shares of Varonis Systems from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $52.00 to $60.00 in a report on Tuesday, July 30th. Barclays upped their target price on shares of Varonis Systems from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company lifted their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.33.

Varonis Systems Profile

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; source code, strategic and product plans; and other intellectual property.