Summit Global Investments Makes New $560,000 Investment in Varonis Systems, Inc. (NASDAQ:VRNS)

Summit Global Investments bought a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,613 shares of the technology company’s stock, valued at approximately $560,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VRNS. Pacer Advisors Inc. grew its position in Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after buying an additional 603 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Varonis Systems during the 3rd quarter worth $184,000. Atom Investors LP bought a new position in shares of Varonis Systems in the third quarter worth $224,000. Tidal Investments LLC bought a new stake in Varonis Systems during the third quarter worth about $232,000. Finally, R Squared Ltd bought a new stake in Varonis Systems during the fourth quarter worth about $194,000. 95.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on VRNS shares. Wells Fargo & Company decreased 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 report on Wednesday, February 5th. Jefferies Financial Group cut their target price on Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. StockNews.com raised Varonis Systems from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. DA Davidson lowered their price target on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Finally, Morgan Stanley assumed coverage on Varonis Systems in a research note on Tuesday, March 18th. They issued an “overweight” rating on the stock. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Varonis Systems has a consensus rating of “Moderate Buy” and an average target price of $59.38.

Varonis Systems Price Performance

VRNS stock opened at $41.38 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. Varonis Systems, Inc. has a 52-week low of $39.11 and a 52-week high of $60.58. The company has a market capitalization of $4.66 billion, a P/E ratio of -48.12 and a beta of 0.85. The company has a fifty day moving average price of $42.99 and a 200-day moving average price of $48.57.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Tuesday, February 4th. The technology company reported ($0.10) 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%. As a group, equities analysts expect that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Varonis Systems declared that its board has initiated a stock repurchase program on Monday, February 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs 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.