Resona Asset Management Co. Ltd. Buys New Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Resona Asset Management Co. Ltd. bought a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,007 shares of the technology company's stock, valued at approximately $447,000.

Several other hedge funds have also bought and sold shares of the stock. New Age Alpha Advisors LLC purchased a new stake in shares of Varonis Systems during the 4th quarter worth $70,000. Pacer Advisors Inc. grew its stake 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 worth $118,000 after purchasing an additional 603 shares during the period. R Squared Ltd purchased a new position in Varonis Systems during the fourth quarter worth approximately $194,000. KBC Group NV lifted its position 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 valued at $211,000 after buying an additional 1,488 shares in the last quarter. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of Varonis Systems during the fourth quarter worth about $224,000. Hedge funds and other institutional investors own 95.65% of the company's stock.

Varonis Systems Trading Down 2.5 %

VRNS traded down $1.03 during trading on Wednesday, reaching $40.65. 588,975 shares of the company's stock were exchanged, compared to its average volume of 1,508,884. Varonis Systems, Inc. has a fifty-two week low of $36.53 and a fifty-two week high of $60.58. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $4.58 billion, a PE ratio of -47.27 and a beta of 0.76. The company's fifty day moving average price is $41.51 and its 200-day moving average price is $46.95.

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Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its 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%. As a group, equities analysts forecast that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Varonis Systems announced that its board has initiated a stock buyback program on Monday, February 10th that permits the company to buyback $100.00 million in outstanding 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 often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently commented on VRNS shares. Morgan Stanley dropped their price target on Varonis Systems from $54.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday. StockNews.com cut shares of Varonis Systems from a "hold" rating to a "sell" rating in a research report on Friday, April 11th. Piper Sandler cut their price target on Varonis Systems from $55.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Citigroup reduced their price target on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Finally, Wolfe Research raised 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, March 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Varonis Systems has an average rating of "Moderate Buy" and an average target price of $57.11.

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.