Clearbridge Investments LLC Sells 473,531 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Clearbridge Investments LLC lessened its holdings in Varonis Systems, Inc. (NASDAQ:VRNS) by 15.6% in the fourth quarter, Holdings Channel reports. The firm owned 2,569,276 shares of the technology company’s stock after selling 473,531 shares during the period. Clearbridge Investments LLC’s holdings in Varonis Systems were worth $114,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. New Age Alpha Advisors LLC bought a new position in Varonis Systems during the fourth quarter valued at about $70,000. Pacer Advisors Inc. grew its position in shares of Varonis Systems by 29.5% during the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock valued at $118,000 after acquiring an additional 603 shares during the period. R Squared Ltd bought a new position in shares of Varonis Systems during the 4th quarter valued at approximately $194,000. KBC Group NV increased its stake in shares of Varonis Systems by 45.6% during the 4th quarter. KBC Group NV now owns 4,751 shares of the technology company’s stock worth $211,000 after purchasing an additional 1,488 shares during the last quarter. Finally, Atom Investors LP bought a new stake in shares of Varonis Systems in the 3rd quarter worth approximately $224,000. 95.65% of the stock is owned by hedge funds and other institutional investors.

Varonis Systems Stock Down 0.1 %

Shares of NASDAQ VRNS opened at $41.64 on Monday. The business has a 50-day moving average of $42.71 and a 200-day moving average of $48.31. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of -48.42 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 12 month low of $39.11 and a 12 month high of $60.58.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts expect that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VRNS. Piper Sandler decreased their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Morgan Stanley started coverage on Varonis Systems in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. Wolfe Research raised shares of Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Friday. StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Finally, Wells Fargo & Company dropped their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Varonis Systems presently has a consensus rating of “Moderate Buy” and an average price target of $58.82.

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.