Short Interest in Varonis Systems, Inc. (NASDAQ:VRNS) Declines By 13.4%

Varonis Systems, Inc. (NASDAQ:VRNS) was the target of a large decrease in short interest in March. As of March 15th, there was short interest totalling 10,310,000 shares, a decrease of 13.4% from the February 28th total of 11,900,000 shares. Based on an average daily trading volume, of 1,700,000 shares, the short-interest ratio is presently 6.1 days. Approximately 9.4% of the shares of the stock are sold short.

Hedge Funds Weigh In On Varonis Systems

Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in Varonis Systems during the 4th quarter worth approximately $56,561,000. Groupama Asset Managment acquired a new position in Varonis Systems in the 4th quarter valued at $55,538,000. Assenagon Asset Management S.A. lifted its holdings in Varonis Systems by 761.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock valued at $50,026,000 after purchasing an additional 995,274 shares in the last quarter. Deutsche Bank AG boosted its stake in Varonis Systems by 97.7% during the 4th quarter. Deutsche Bank AG now owns 1,338,452 shares of the technology company’s stock worth $59,467,000 after purchasing an additional 661,436 shares during the last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of Varonis Systems by 64.5% during the fourth quarter. Two Sigma Advisers LP now owns 1,380,200 shares of the technology company’s stock worth $61,322,000 after buying an additional 541,000 shares in the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Varonis Systems Trading Up 1.1 %

Shares of Varonis Systems stock opened at $40.90 on Wednesday. The stock has a market cap of $4.60 billion, a PE ratio of -47.56 and a beta of 0.85. The firm has a fifty day moving average price of $42.55 and a 200 day moving average price of $48.13. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. Varonis Systems has a 1 year low of $39.11 and a 1 year high of $60.58.

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

Varonis Systems declared that its board has authorized a share repurchase program on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on VRNS shares. Piper Sandler lowered their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. DA Davidson decreased their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Morgan Stanley assumed coverage on Varonis Systems in a report on Tuesday, March 18th. They set an “overweight” rating for the company. StockNews.com upgraded Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Finally, Jefferies Financial Group reduced their price target on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Monday. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Varonis Systems has an average rating of “Moderate Buy” and a consensus price target of $58.53.

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.