Comerica Bank Lowers Holdings in Varonis Systems, Inc. (NASDAQ:VRNS)

Comerica Bank lowered its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 89.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,128 shares of the technology company's stock after selling 27,953 shares during the period. Comerica Bank's holdings in Varonis Systems were worth $139,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in VRNS. Barclays PLC raised its holdings in shares of Varonis Systems by 10.0% during the third quarter. Barclays PLC now owns 389,522 shares of the technology company's stock valued at $22,007,000 after purchasing an additional 35,274 shares during the period. Oak Ridge Investments LLC acquired a new position in shares of Varonis Systems during the fourth quarter valued at about $1,398,000. AMI Asset Management Corp raised its holdings in shares of Varonis Systems by 91.7% during the fourth quarter. AMI Asset Management Corp now owns 16,456 shares of the technology company's stock valued at $731,000 after purchasing an additional 7,872 shares during the period. SG Americas Securities LLC raised its holdings in shares of Varonis Systems by 301.4% in the 4th quarter. SG Americas Securities LLC now owns 20,116 shares of the technology company's stock worth $894,000 after acquiring an additional 15,104 shares during the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Varonis Systems by 185.9% in the 4th quarter. Inspire Investing LLC now owns 20,884 shares of the technology company's stock worth $928,000 after acquiring an additional 13,580 shares during the last quarter. Institutional investors and hedge funds own 95.65% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on VRNS shares. Wall Street Zen upgraded shares of Varonis Systems from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 target price on shares of Varonis Systems in a report on Wednesday, May 7th. Wolfe Research upgraded shares of Varonis Systems from a "peer perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. lowered their target price on shares of Varonis Systems from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Finally, Wells Fargo & Company lowered their target price on shares of Varonis Systems from $48.00 to $46.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 5th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Varonis Systems presently has a consensus rating of "Moderate Buy" and an average price target of $55.06.

Varonis Systems Stock Performance

VRNS traded up $0.06 on Friday, hitting $46.82. The company's stock had a trading volume of 705,411 shares, compared to its average volume of 1,534,887. The company's 50 day simple moving average is $42.48 and its 200-day simple moving average is $44.52. The firm has a market cap of $5.24 billion, a P/E ratio of -54.44 and a beta of 0.79. Varonis Systems, Inc. has a 12 month low of $36.53 and a 12 month high of $60.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $136.42 million during 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 quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the business posted ($0.03) earnings per share. Analysts forecast that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Varonis Systems declared that its board has approved a stock buyback program on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

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.