Varonis Systems, Inc. (NASDAQ:VRNS) Shares Sold by Comerica Bank

Comerica Bank cut its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 89.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VRNS. Quarry LP purchased a new position in shares of Varonis Systems during the fourth quarter valued at approximately $36,000. Johnson Financial Group Inc. purchased a new position in shares of Varonis Systems during the fourth quarter valued at approximately $61,000. Transce3nd LLC purchased a new position in shares of Varonis Systems during the fourth quarter valued at approximately $62,000. New Age Alpha Advisors LLC purchased a new position in shares of Varonis Systems during the fourth quarter valued at approximately $70,000. Finally, Pacer Advisors Inc. lifted its position in shares of Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company's stock worth $118,000 after purchasing an additional 603 shares during the last quarter. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Morgan Stanley decreased their target price 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. UBS Group raised their target price on shares of Varonis Systems from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. StockNews.com raised shares of Varonis Systems from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Royal Bank of Canada raised their target price on shares of Varonis Systems from $55.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Finally, Needham & Company LLC reissued a "buy" rating and set a $67.00 price target on shares of Varonis Systems in a research report on Wednesday, February 5th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Varonis Systems has an average rating of "Moderate Buy" and an average price target of $55.06.

Varonis Systems Stock Down 0.5%

Shares of Varonis Systems stock traded down $0.22 on Wednesday, reaching $46.31. The stock had a trading volume of 1,032,033 shares, compared to its average volume of 1,537,890. The company has a 50 day moving average price of $42.27 and a 200 day moving average price of $44.64. 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, Inc. has a 1 year low of $36.53 and a 1 year high of $60.58. The stock has a market capitalization of $5.18 billion, a P/E ratio of -53.85 and a beta of 0.79.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). The business had revenue of $136.42 million during the quarter, compared to analyst estimates 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 for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. As a group, equities research analysts forecast that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Varonis Systems announced that its board has authorized a share 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 buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors 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.