Varonis Systems, Inc. (NASDAQ:VRNS) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its stake in Varonis Systems, Inc. (NASDAQ:VRNS) by 51.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,946 shares of the technology company’s stock after selling 5,309 shares during the period. Cresset Asset Management LLC’s holdings in Varonis Systems were worth $220,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Varonis Systems during the fourth quarter worth $56,561,000. Groupama Asset Managment acquired a new stake in shares of Varonis Systems during the fourth quarter worth $55,538,000. Renaissance Technologies LLC raised its holdings in shares of Varonis Systems by 11,353.2% during the fourth quarter. Renaissance Technologies LLC now owns 538,300 shares of the technology company’s stock worth $23,917,000 after purchasing an additional 533,600 shares during the period. Bank of Montreal Can raised its holdings in shares of Varonis Systems by 114.1% during the fourth quarter. Bank of Montreal Can now owns 979,769 shares of the technology company’s stock worth $43,531,000 after purchasing an additional 522,075 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Varonis Systems during the fourth quarter worth $21,860,000. 95.65% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $46.32 on Monday. Varonis Systems, Inc. has a twelve month low of $36.53 and a twelve month high of $60.58. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average of $41.87 and a 200-day moving average of $44.68. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of -53.86 and a beta of 0.79.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. The firm had revenue of $136.42 million for the quarter, compared to analysts’ expectations of $133.10 million. During the same period in the prior year, the company posted ($0.03) earnings per share. Varonis Systems’s quarterly revenue was up 19.6% compared to the same quarter last year. Analysts forecast that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wolfe Research raised shares of Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Friday, March 28th. Jefferies Financial Group dropped their target price on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Barclays lowered their price target on shares of Varonis Systems from $60.00 to $52.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Morgan Stanley lowered their price target on shares of Varonis Systems from $54.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Varonis Systems from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Six equities 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 company. Based on data from MarketBeat, Varonis Systems has a consensus rating of “Moderate Buy” and an average price target of $55.06.

Varonis Systems Company 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.