Freestone Grove Partners LP Takes $482,000 Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Freestone Grove Partners LP acquired a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,852 shares of the technology company’s stock, valued at approximately $482,000.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Varonis Systems during the fourth quarter worth approximately $56,561,000. Groupama Asset Managment bought a new position in Varonis Systems during the fourth quarter valued at approximately $55,538,000. Assenagon Asset Management S.A. lifted its stake in Varonis Systems by 761.6% in the fourth 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 last quarter. Renaissance Technologies LLC boosted its holdings in Varonis Systems by 11,353.2% in the fourth quarter. Renaissance Technologies LLC now owns 538,300 shares of the technology company’s stock worth $23,917,000 after purchasing an additional 533,600 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Varonis Systems by 114.1% during the 4th quarter. Bank of Montreal Can now owns 979,769 shares of the technology company’s stock valued at $43,531,000 after acquiring an additional 522,075 shares during the last quarter. Institutional investors and hedge funds own 95.65% of the company’s stock.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $43.01 on Friday. 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 stock has a market cap of $4.81 billion, a P/E ratio of -50.01 and a beta of 0.79. The stock has a 50 day simple moving average of $41.09 and a 200 day simple moving average of $45.52. Varonis Systems, Inc. has a 1-year low of $36.53 and a 1-year high of $60.58.

Varonis Systems (NASDAQ:VRNS) 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%. Research analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Varonis Systems announced that its Board of Directors has authorized a share repurchase 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 leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VRNS. JPMorgan Chase & Co. cut their target price on shares of Varonis Systems from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Barclays decreased their target price on Varonis Systems from $60.00 to $52.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Morgan Stanley reduced their price objective on Varonis Systems from $54.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler decreased their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. Finally, Wolfe Research raised Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Friday, March 28th. Six 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. Based on data from MarketBeat.com, Varonis Systems presently has an average rating of “Moderate Buy” and a consensus target price of $56.00.

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.