Connor Clark & Lunn Investment Management Ltd. Sells 40,234 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Key Points

• Connor Clark & Lunn Investment Management Ltd. sold 40,234 shares of Varonis Systems, reducing its stake by 12.4%, and now holds approximately 0.25% of the company valued at $11.45 million.
• Varonis Systems reported a 16.7% year-over-year revenue increase with earnings of $0.03 per share, exceeding analysts' expectations of $0.01 per share for the quarter.
• Institutional investors own 95.65% of Varonis Systems, with recent modifications in holdings, including a significant 214.4% increase by Wells Fargo.

Connor Clark & Lunn Investment Management Ltd. decreased its position in Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 12.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 282,983 shares of the technology company's stock after selling 40,234 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.25% of Varonis Systems worth $11,447,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Varonis Systems in the fourth quarter valued at $36,000. Johnson Financial Group Inc. acquired a new position in Varonis Systems in the 4th quarter worth $61,000. Transce3nd LLC purchased a new position in Varonis Systems in the 4th quarter valued at about $62,000. NBC Securities Inc. grew its stake in shares of Varonis Systems by 100,200.0% during the first quarter. NBC Securities Inc. now owns 2,006 shares of the technology company's stock valued at $81,000 after acquiring an additional 2,004 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Varonis Systems during the fourth quarter valued at about $163,000. Hedge funds and other institutional investors own 95.65% of the company's stock.

Varonis Systems Trading Up 2.2%

Shares of VRNS traded up $1.26 during trading hours on Wednesday, hitting $58.10. 1,654,194 shares of the stock traded hands, compared to its average volume of 1,745,537. The business has a fifty day moving average of $51.92 and a 200-day moving average of $46.10. The firm has a market capitalization of $6.51 billion, a PE ratio of -63.15 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. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.32.

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

Insider Transactions at Varonis Systems

In related news, CFO Guy Melamed sold 51,889 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $55.10, for a total value of $2,859,083.90. Following the completion of the transaction, the chief financial officer directly owned 470,602 shares in the company, valued at approximately $25,930,170.20. The trade was a 9.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Den Bosch Fred Van sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director owned 131,666 shares of the company's stock, valued at $6,583,300. This trade represents a 4.36% decrease in their position. 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. Insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VRNS shares. Royal Bank Of Canada raised their price objective on shares of Varonis Systems from $58.00 to $64.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Robert W. Baird increased their price target on shares of Varonis Systems from $58.00 to $63.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded Varonis Systems from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. UBS Group upped their price objective on Varonis Systems from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Jefferies Financial Group raised Varonis Systems from a "hold" rating to a "buy" rating and increased their target price for the stock from $50.00 to $65.00 in a report on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.50.

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.