Raymond James Financial Inc. Acquires Shares of 492,006 Varonis Systems, Inc. (NASDAQ:VRNS)

Raymond James Financial Inc. bought a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 492,006 shares of the technology company’s stock, valued at approximately $21,860,000. Raymond James Financial Inc. owned 0.44% of Varonis Systems at the end of the most recent quarter.

Several other large investors also recently modified their holdings of VRNS. New Age Alpha Advisors LLC purchased a new stake in Varonis Systems in the 4th quarter worth approximately $70,000. Pacer Advisors Inc. boosted its holdings in Varonis Systems by 29.5% in the fourth 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 in the last quarter. R Squared Ltd purchased a new position in Varonis Systems during the 4th quarter valued at $194,000. KBC Group NV raised its holdings in Varonis Systems by 45.6% in 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 in the last quarter. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of Varonis Systems in the 4th quarter worth about $224,000. 95.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on VRNS. Barclays decreased their price target on shares of Varonis Systems from $60.00 to $52.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Wells Fargo & Company decreased their target price on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 5th. Jefferies Financial Group dropped their price target on Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Piper Sandler decreased their price objective on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Finally, Cantor Fitzgerald started coverage on shares of Varonis Systems in a report on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $57.11.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $40.39 on Friday. The firm has a market cap of $4.55 billion, a P/E ratio of -46.96 and a beta of 0.76. Varonis Systems, Inc. has a twelve month low of $36.53 and a twelve month high of $60.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $41.42 and a 200 day moving average of $46.70.

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%. As a group, research analysts expect that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its board has approved a share repurchase program on Monday, February 10th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

About Varonis Systems

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.