Varonis Systems, Inc. (NASDAQ:VRNS) Position Reduced by Edgestream Partners L.P.

Edgestream Partners L.P. cut its position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 45.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,797 shares of the technology company’s stock after selling 47,028 shares during the quarter. Edgestream Partners L.P. owned 0.05% of Varonis Systems worth $3,209,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its holdings in shares of Varonis Systems by 4.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock valued at $137,885,000 after purchasing an additional 127,129 shares during the period. William Blair Investment Management LLC increased its holdings in Varonis Systems by 1.1% in the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after buying an additional 23,231 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Varonis Systems by 9.0% in the third 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 last quarter. Charles Schwab Investment Management Inc. increased its holdings in Varonis Systems by 6.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 962,923 shares of the technology company’s stock worth $54,405,000 after buying an additional 59,218 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Varonis Systems by 40.0% in the second quarter. The Manufacturers Life Insurance Company now owns 799,685 shares of the technology company’s stock worth $38,361,000 after buying an additional 228,589 shares during the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

Varonis Systems Stock Up 0.8 %

VRNS opened at $49.96 on Monday. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of -66.61 and a beta of 0.82. Varonis Systems, Inc. has a 1-year low of $40.48 and a 1-year high of $60.58. The business has a 50 day moving average of $54.52 and a 200-day moving average of $51.07. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The firm had revenue of $148.07 million during the quarter, compared to analysts’ expectations of $141.62 million. During the same period last year, the business earned ($0.22) earnings per share. Varonis Systems’s quarterly revenue was up 21.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Varonis Systems, Inc. will post -0.73 earnings per share for the current year.

Insider Activity

In other news, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the sale, the insider now owns 444,114 shares in the company, valued at approximately $26,540,252.64. The trade was a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the completion of the sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. This represents a 15.33 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on VRNS shares. Robert W. Baird increased their price objective on Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price target on Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wedbush reiterated an “outperform” rating and set a $67.00 price target on shares of Varonis Systems in a report on Monday, August 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price target on shares of Varonis Systems in a report on Wednesday, October 30th. Finally, Piper Sandler increased their price target on Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and an average price target of $59.67.

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.