Raymond James Financial Inc. Acquires New Shares in Varonis Systems, Inc. (NASDAQ:VRNS)

Raymond James Financial Inc. acquired a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of VRNS. Geode Capital Management LLC increased its holdings in Varonis Systems by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company's stock worth $147,801,000 after purchasing an additional 29,050 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Varonis Systems by 9.0% in the 3rd 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 in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Varonis Systems by 761.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company's stock valued at $50,026,000 after acquiring an additional 995,274 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Varonis Systems by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 971,844 shares of the technology company's stock worth $43,179,000 after acquiring an additional 8,921 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings 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 purchasing an additional 267,000 shares during the period. Institutional investors own 95.65% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Citigroup cut their price objective on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. StockNews.com raised shares of Varonis Systems from a "sell" rating to a "hold" rating in a research report on Saturday, March 8th. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a report on Thursday, January 9th. They set an "overweight" rating and a $60.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of 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. Finally, Piper Sandler cut their price target on Varonis Systems from $55.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, January 6th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $59.38.

Varonis Systems Price Performance

Shares of Varonis Systems stock traded up $0.78 on Wednesday, reaching $42.29. The stock had a trading volume of 925,510 shares, compared to its average volume of 1,400,969. The business's 50 day moving average is $43.22 and its two-hundred day moving average is $48.95. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a market cap of $4.76 billion, a P/E ratio of -49.18 and a beta of 0.85. Varonis Systems, Inc. has a 1 year low of $39.11 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data 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%. As a group, research analysts anticipate that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Varonis Systems announced that its Board of Directors has approved a stock buyback program on Monday, February 10th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors 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.