Mirae Asset Global Investments Co. Ltd. Trims Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Mirae Asset Global Investments Co. Ltd. lowered its position in Varonis Systems, Inc. (NASDAQ:VRNS) by 6.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,142 shares of the technology company’s stock after selling 510 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Varonis Systems were worth $321,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Varonis Systems by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company’s stock worth $147,801,000 after purchasing an additional 29,050 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Varonis Systems by 9.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company’s stock worth $100,789,000 after buying an additional 147,081 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Varonis Systems by 761.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock worth $50,026,000 after acquiring an additional 995,274 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Varonis Systems by 6.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 962,923 shares of the technology company’s stock worth $54,405,000 after acquiring an additional 59,218 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in Varonis Systems by 46.7% during the 3rd quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company’s stock valued at $47,415,000 after acquiring an additional 267,000 shares during the period. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Varonis Systems Stock Up 1.3 %

VRNS opened at $43.72 on Friday. The company has a market capitalization of $4.92 billion, a PE ratio of -50.84 and a beta of 0.83. The firm has a 50-day simple moving average of $45.23 and a two-hundred day simple moving average of $51.12. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems, Inc. has a 52 week low of $39.62 and a 52 week high of $60.58.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.45%. Analysts forecast that Varonis Systems, Inc. will post -0.74 earnings per share for the current fiscal year.

Varonis Systems announced that its board has authorized a share buyback program on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VRNS. Wells Fargo & Company lowered their price objective on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target on the stock. UBS Group increased their price objective on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Piper Sandler decreased their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Finally, Jefferies Financial Group cut their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.38.

About Varonis Systems

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.