Banque Cantonale Vaudoise Invests $1.99 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

Key Points

• Banque Cantonale Vaudoise has acquired 49,063 shares of Varonis Systems, Inc. for about $1,985,000, reflecting growing institutional interest in the technology company.
• In recent quarters, several hedge funds significantly increased their stakes in Varonis Systems, with notable acquisitions from Norges Bank and Renaissance Technologies, highlighting strong institutional support.
• Equities analysts have raised their price targets for Varonis Systems, with Wedbush and Royal Bank of Canada setting new targets at $65.00, indicating positive market sentiment around the company's performance.

Banque Cantonale Vaudoise acquired a new stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 49,063 shares of the technology company's stock, valued at approximately $1,985,000.

Other institutional investors also recently modified their holdings of the company. Mackenzie Financial Corp raised its position in shares of Varonis Systems by 234.0% in the 1st quarter. Mackenzie Financial Corp now owns 23,947 shares of the technology company's stock worth $969,000 after acquiring an additional 16,777 shares in the last quarter. Phoenix Financial Ltd. lifted its stake in shares of Varonis Systems by 30.2% in the first quarter. Phoenix Financial Ltd. now owns 1,482,287 shares of the technology company's stock valued at $59,964,000 after buying an additional 343,709 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Varonis Systems by 6.7% in the first quarter. Avantax Advisory Services Inc. now owns 7,423 shares of the technology company's stock valued at $300,000 after buying an additional 469 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in shares of Varonis Systems by 180.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 17,340 shares of the technology company's stock valued at $701,000 after buying an additional 11,161 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Varonis Systems by 1,205.1% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 464,647 shares of the technology company's stock worth $18,795,000 after acquiring an additional 429,045 shares in the last quarter. Institutional investors own 95.65% of the company's stock.

Varonis Systems Stock Up 2.6%

NASDAQ:VRNS traded up $1.42 during mid-day trading on Monday, hitting $56.15. The company had a trading volume of 1,002,216 shares, compared to its average volume of 1,570,516. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $50.76 and a 200-day simple moving average of $45.51. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of -61.09 and a beta of 0.71. Varonis Systems, Inc. has a 1 year low of $36.53 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. Varonis Systems had a negative net margin of 17.30% and a negative return on equity of 23.06%. The company had revenue of $152.16 million during the quarter, compared to the consensus estimate of $147.80 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. Equities analysts forecast that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other Varonis Systems news, Director Den Bosch Fred Van sold 3,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $55.08, for a total value of $165,240.00. Following the sale, the director directly owned 128,666 shares in the company, valued at $7,086,923.28. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Guy Melamed sold 51,889 shares of Varonis Systems stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $55.10, for a total value of $2,859,083.90. Following the sale, the chief financial officer directly owned 470,602 shares in the company, valued at $25,930,170.20. The trade was a 9.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,889 shares of company stock valued at $3,324,324. Company insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on VRNS. Robert W. Baird raised their price target on shares of Varonis Systems from $58.00 to $63.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada raised their target price on Varonis Systems from $58.00 to $64.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Wedbush lifted their target price on Varonis Systems from $60.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Morgan Stanley reduced their target price on shares of Varonis Systems from $54.00 to $46.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Barclays raised their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.31.

Varonis Systems Company 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.