Crestline Management LP Takes Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Crestline Management LP bought a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 90,817 shares of the technology company’s stock, valued at approximately $4,035,000. Crestline Management LP owned 0.08% of Varonis Systems at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Brevan Howard Capital Management LP purchased a new position in shares of Varonis Systems during the 4th quarter worth about $2,863,000. Captrust Financial Advisors grew its holdings in shares of Varonis Systems by 66.6% during the 4th quarter. Captrust Financial Advisors now owns 13,765 shares of the technology company’s stock worth $612,000 after purchasing an additional 5,502 shares during the period. Algert Global LLC acquired a new stake in Varonis Systems during the 4th quarter worth approximately $1,575,000. Ameriprise Financial Inc. raised its holdings in Varonis Systems by 28.3% in the fourth quarter. Ameriprise Financial Inc. now owns 1,953,810 shares of the technology company’s stock valued at $86,807,000 after buying an additional 431,306 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in Varonis Systems during the fourth quarter valued at approximately $482,000. 95.65% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Price Performance

Shares of VRNS opened at $44.27 on Wednesday. Varonis Systems, Inc. has a 12 month low of $36.53 and a 12 month high of $60.58. 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 stock has a fifty day moving average price of $41.15 and a 200 day moving average price of $45.31. The company has a market cap of $4.95 billion, a P/E ratio of -51.48 and a beta of 0.79.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). The firm had revenue of $136.42 million for the quarter, compared to the consensus estimate of $133.10 million. Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. The firm’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) EPS. On average, research analysts forecast that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Varonis Systems declared that its Board of Directors has initiated a share repurchase program on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on Varonis Systems from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Wells Fargo & Company dropped their target price on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. StockNews.com raised shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Finally, Citigroup reduced their target price 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. 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.00.

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.