Norges Bank Invests $56.56 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

Norges Bank bought a new stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,273,043 shares of the technology company's stock, valued at approximately $56,561,000. Norges Bank owned approximately 1.13% of Varonis Systems 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 VRNS. Cerity Partners LLC increased its position in Varonis Systems by 57.9% during the 3rd quarter. Cerity Partners LLC now owns 10,220 shares of the technology company's stock valued at $577,000 after buying an additional 3,747 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Varonis Systems by 11.3% during the third quarter. Captrust Financial Advisors now owns 8,263 shares of the technology company's stock valued at $467,000 after acquiring an additional 837 shares in the last quarter. Atom Investors LP purchased a new position in shares of Varonis Systems in the 3rd quarter worth about $224,000. Benjamin Edwards Inc. bought a new position in Varonis Systems in the 3rd quarter worth about $348,000. Finally, Point72 Asset Management L.P. bought a new position in Varonis Systems in the 3rd quarter worth about $2,294,000. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Varonis Systems Stock Performance

Shares of NASDAQ:VRNS traded down $2.12 during trading on Friday, hitting $38.36. The company's stock had a trading volume of 2,294,460 shares, compared to its average volume of 1,483,556. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of -44.60 and a beta of 0.76. The company has a 50-day moving average of $42.29 and a 200-day moving average of $47.88. Varonis Systems, Inc. has a 12 month low of $37.81 and a 12 month high of $60.58.

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Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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%. On average, sell-side analysts expect that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Varonis Systems announced that its board has initiated a stock buyback plan on Monday, February 10th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VRNS shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $67.00 target price on shares of Varonis Systems in a report on Wednesday, February 5th. Wolfe Research raised shares of Varonis Systems from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Friday, March 28th. Jefferies Financial Group lowered their price objective 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 reduced their target price 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, StockNews.com upgraded Varonis Systems from a "sell" rating to a "hold" rating in a research note on Saturday, March 8th. 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 stock. According to data from MarketBeat.com, Varonis Systems has an average rating of "Moderate Buy" and a consensus price target of $58.53.

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.