Proficio Capital Partners LLC Purchases New Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Proficio Capital Partners LLC purchased a new stake in Varonis Systems, Inc. (NASDAQ:VRNS) in the 4th quarter, HoldingsChannel reports. The fund purchased 20,216 shares of the technology company’s stock, valued at approximately $898,000.

Several other large investors have also recently added to or reduced their stakes in VRNS. Keybank National Association OH grew its stake in shares of Varonis Systems by 6.7% during the fourth quarter. Keybank National Association OH now owns 10,184 shares of the technology company’s stock valued at $452,000 after acquiring an additional 639 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Varonis Systems by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 971,844 shares of the technology company’s stock valued at $43,179,000 after acquiring an additional 8,921 shares in the last quarter. Bailard Inc. grew its stake in shares of Varonis Systems by 0.4% during the fourth quarter. Bailard Inc. now owns 93,627 shares of the technology company’s stock valued at $4,160,000 after acquiring an additional 417 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Varonis Systems during the fourth quarter valued at about $551,000. Finally, Los Angeles Capital Management LLC grew its stake in shares of Varonis Systems by 16.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 21,510 shares of the technology company’s stock valued at $956,000 after acquiring an additional 3,023 shares in the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on VRNS shares. StockNews.com upgraded Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Wells Fargo & Company lowered their target price on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. DA Davidson lowered their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Morgan Stanley initiated coverage on Varonis Systems in a research note on Tuesday. They set an “overweight” rating for the company. Finally, Citigroup reduced their price target 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. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems has a consensus rating of “Moderate Buy” and an average price target of $59.38.

Varonis Systems Stock Performance

VRNS opened at $41.00 on Friday. The business’s 50 day moving average is $43.05 and its 200-day moving average is $48.74. The stock has a market cap of $4.61 billion, a PE ratio of -47.67 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 twelve month low of $39.11 and a twelve month high of $60.58.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share 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%. On average, analysts predict that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Varonis Systems announced that its board has authorized a share buyback plan on Monday, February 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is 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.