Mackenzie Financial Corp Grows 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 raised its holdings in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 234.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,947 shares of the technology company's stock after purchasing 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 reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VRNS. Phoenix Financial Ltd. lifted its holdings in shares of Varonis Systems by 30.2% in the 1st quarter. Phoenix Financial Ltd. now owns 1,482,287 shares of the technology company's stock worth $59,964,000 after buying an additional 343,709 shares during the period. Avantax Advisory Services Inc. raised its holdings 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 acquiring an additional 469 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Varonis Systems by 180.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 17,340 shares of the technology company's stock worth $701,000 after acquiring an additional 11,161 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Varonis Systems by 1,205.1% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 464,647 shares of the technology company's stock valued at $18,795,000 after purchasing an additional 429,045 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its position in shares of Varonis Systems by 23.9% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 503,070 shares of the technology company's stock worth $20,349,000 after purchasing an additional 97,100 shares during the period. 95.65% of the stock is currently owned by institutional investors.

Insider Transactions at Varonis Systems

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wall Street Zen raised shares of Varonis Systems from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Royal Bank Of Canada boosted their price target on Varonis Systems from $58.00 to $64.00 and gave the stock 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 report on Wednesday, April 16th. Jefferies Financial Group raised shares of Varonis Systems from a "hold" rating to a "buy" rating and increased their price target for the company from $50.00 to $65.00 in a research report on Thursday, July 24th. Finally, Wedbush lifted their price objective on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $57.31.

Varonis Systems Stock Performance

Shares of VRNS stock traded down $1.36 during trading hours on Thursday, hitting $54.36. The company's stock had a trading volume of 1,405,274 shares, compared to its average volume of 1,568,019. The stock has a market cap of $6.09 billion, a PE ratio of -59.09 and a beta of 0.71. The company has a 50 day moving average of $51.41 and a 200 day moving average of $45.80. Varonis Systems, Inc. has a 12-month low of $36.53 and a 12-month 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 posted its earnings results on Tuesday, July 29th. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. Varonis Systems had a negative return on equity of 23.06% and a negative net margin of 17.30%. The firm had revenue of $152.16 million for the quarter, compared to analyst estimates of $147.80 million. During the same period last year, the company earned $0.05 earnings per share. Varonis Systems's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts forecast that Varonis Systems, Inc. will post -0.83 EPS 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.