KLP Kapitalforvaltning AS Invests $1.03 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

KLP Kapitalforvaltning AS bought a new stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 23,100 shares of the technology company's stock, valued at approximately $1,026,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of VRNS. Assenagon Asset Management S.A. lifted its stake in Varonis Systems by 761.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company's stock worth $50,026,000 after purchasing an additional 995,274 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Varonis Systems during the 4th quarter valued at about $21,860,000. Wealthfront Advisers LLC bought a new stake in Varonis Systems in the 4th quarter worth approximately $17,088,000. Two Sigma Advisers LP boosted its stake in Varonis Systems by 46.7% in the third quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company's stock worth $47,415,000 after buying an additional 267,000 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Varonis Systems by 9.0% during the third quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company's stock valued at $100,789,000 after acquiring an additional 147,081 shares during the last quarter. Hedge funds and other institutional investors own 95.65% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and issued a $67.00 price objective on shares of Varonis Systems in a report on Wednesday, February 5th. Piper Sandler cut their price target on shares of Varonis Systems from $55.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, January 6th. Cantor Fitzgerald began coverage on Varonis Systems in a report on Thursday, January 9th. They issued an "overweight" rating and a $60.00 price objective on the stock. Morgan Stanley began coverage on Varonis Systems in a report on Tuesday, March 18th. They set an "overweight" rating for the company. Finally, Jefferies Financial Group decreased their price target on Varonis Systems from $50.00 to $45.00 and set a "hold" rating on the stock in a research note on Monday. Six equities research 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.53.

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Varonis Systems Stock Performance

Shares of VRNS traded up $0.67 during mid-day trading on Wednesday, hitting $41.57. 880,178 shares of the company traded hands, compared to its average volume of 1,471,971. Varonis Systems, Inc. has a 1 year low of $39.11 and a 1 year high of $60.58. The stock has a 50-day moving average price of $42.55 and a two-hundred day moving average price of $48.13. 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 stock has a market cap of $4.68 billion, a price-to-earnings ratio of -48.34 and a beta of 0.85.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last issued 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 return on equity of 20.35% and a negative net margin of 17.38%. Equities analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Varonis Systems declared that its Board of Directors has approved a share buyback plan on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are 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.