HighTower Advisors LLC Buys New Position in Varonis Systems, Inc. (NASDAQ:VRNS)

HighTower Advisors LLC bought a new stake in Varonis Systems, Inc. (NASDAQ:VRNS) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,221 shares of the technology company’s stock, valued at approximately $365,000.

Several other institutional investors also recently added to or reduced their stakes in VRNS. Assenagon Asset Management S.A. grew its holdings in shares of Varonis Systems by 761.6% during 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 purchasing an additional 995,274 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Varonis Systems during the fourth quarter worth $21,860,000. Wealthfront Advisers LLC bought a new stake in Varonis Systems in the 4th quarter valued at $17,088,000. Two Sigma Advisers LP raised its stake in shares of Varonis Systems by 46.7% in the 3rd quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company’s stock valued at $47,415,000 after buying an additional 267,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Varonis Systems by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company’s stock worth $100,789,000 after acquiring an additional 147,081 shares during the period. 95.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on VRNS. Jefferies Financial Group decreased their price target on Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday. Citigroup lowered their target price on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. StockNews.com raised shares of Varonis Systems from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. Cantor Fitzgerald began coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Piper Sandler dropped their price objective 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. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Varonis Systems has an average rating of “Moderate Buy” and an average target price of $58.53.

Varonis Systems Trading Down 2.9 %

VRNS opened at $40.45 on Tuesday. The firm’s fifty day simple moving average is $42.64 and its 200 day simple moving average is $48.22. The stock has a market capitalization of $4.55 billion, a P/E ratio of -47.03 and a beta of 0.85. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. Varonis Systems, Inc. has a 12 month low of $39.11 and a 12 month high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (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 20.35%. As a group, research analysts anticipate that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its Board of Directors has initiated a share buyback plan on Monday, February 10th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

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.