Raymond James Financial Inc. Invests $21.86 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

Raymond James Financial Inc. purchased a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 492,006 shares of the technology company’s stock, valued at approximately $21,860,000. Raymond James Financial Inc. owned about 0.44% of Varonis Systems at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after purchasing an additional 423 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Varonis Systems by 29.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock valued at $118,000 after purchasing an additional 603 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Varonis Systems in the 3rd quarter valued at $184,000. KBC Group NV boosted its stake in shares of Varonis Systems by 25.5% in the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after purchasing an additional 663 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Varonis Systems in the 4th quarter valued at $194,000. 95.65% of the stock is currently owned by institutional investors.

Varonis Systems Price Performance

VRNS opened at $40.01 on Friday. The stock has a 50-day moving average price of $43.35 and a 200-day moving average price of $49.21. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $4.50 billion, a PE ratio of -46.52 and a beta of 0.85. Varonis Systems, Inc. has a 1 year low of $39.11 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. Sell-side analysts predict that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its board has initiated a stock repurchase program on Monday, February 10th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on VRNS shares. DA Davidson dropped their target price on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Cantor Fitzgerald started coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. Citigroup dropped their target price on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Piper Sandler dropped their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company dropped their target price on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. Six research 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 has a consensus rating of “Moderate Buy” and a consensus target price of $59.38.

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.