Mackenzie Financial Corp Grows Stock Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Key Points

• Mackenzie Financial Corp increased its position in Varonis Systems, Inc. by 234.0%, acquiring an additional 16,777 shares, bringing their total holdings to 23,947 shares valued at approximately $969,000.
• Several institutional investors, including Mutual of America Capital Management and Franklin Resources Inc., have also recently increased or adjusted their stakes in Varonis Systems, with institutional ownership now at 95.65%.
• Varonis Systems reported earnings of $0.03 per share, surpassing analyst expectations, with revenue of $152.16 million, reflecting a 16.7% year-over-year increase, while analysts currently forecast an average price target of $57.31 for the stock.

Mackenzie Financial Corp grew its holdings in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 234.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,947 shares of the technology company's stock after acquiring an additional 16,777 shares during the quarter. Mackenzie Financial Corp's holdings in Varonis Systems were worth $969,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in VRNS. Mutual of America Capital Management LLC increased its stake in shares of Varonis Systems by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 85,255 shares of the technology company's stock worth $3,449,000 after buying an additional 284 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Varonis Systems by 7.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,340 shares of the technology company's stock worth $193,000 after buying an additional 298 shares during the period. Teza Capital Management LLC increased its stake in shares of Varonis Systems by 3.1% in the fourth quarter. Teza Capital Management LLC now owns 9,840 shares of the technology company's stock worth $437,000 after buying an additional 299 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Varonis Systems by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,534 shares of the technology company's stock worth $512,000 after buying an additional 365 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Varonis Systems by 1.1% in the fourth quarter. Franklin Resources Inc. now owns 40,209 shares of the technology company's stock worth $1,786,000 after buying an additional 424 shares during the period. 95.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on VRNS. Susquehanna lifted their target price on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a "positive" rating in a research note on Wednesday, July 30th. Jefferies Financial Group raised shares of Varonis Systems from a "hold" rating to a "buy" rating and lifted their target price for the stock from $50.00 to $65.00 in a research note on Thursday, July 24th. Royal Bank Of Canada lifted their target price on shares of Varonis Systems from $58.00 to $64.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Varonis Systems from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Wells Fargo & Company lifted their price target on shares of Varonis Systems from $46.00 to $51.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.31.

Insiders Place Their Bets

In other news, CFO Guy Melamed sold 51,889 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $55.10, for a total transaction of $2,859,083.90. Following the sale, the chief financial officer owned 470,602 shares of the company's stock, valued at $25,930,170.20. This trade represents a 9.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Den Bosch Fred Van sold 6,000 shares of Varonis Systems stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the sale, the director owned 131,666 shares of the company's stock, valued at $6,583,300. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,889 shares of company stock worth $3,324,324. Corporate insiders own 2.30% of the company's stock.

Varonis Systems Stock Down 2.9%

Shares of VRNS stock traded down $1.57 during mid-day trading on Friday, reaching $52.79. 1,242,722 shares of the company's stock traded hands, compared to its average volume of 1,703,865. The company has a market cap of $5.92 billion, a P/E ratio of -57.38 and a beta of 0.71. The company's 50-day moving average price is $51.51 and its 200-day moving average price is $45.86. 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 1.38, a current 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. The business 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 period in the previous year, the company earned $0.05 earnings per share. On average, equities analysts expect that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

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.