Nuveen LLC Makes New $21.57 Million Investment in Varonis Systems, Inc. $VRNS

Key Points

• Nuveen LLC made a significant investment of approximately $21.57 million in Varonis Systems, purchasing 533,308 shares, representing about 0.48% of the company's total stock.
• Varonis Systems reported better-than-expected earnings of $0.03 per share, exceeding analysts' estimates, with a revenue increase of 16.7% compared to the previous year.
• Several equities analysts upgraded their ratings of Varonis Systems, with target prices rising to as much as $70.00, signaling strong confidence in the company's future performance.

Nuveen LLC bought a new position in Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 533,308 shares of the technology company's stock, valued at approximately $21,572,000. Nuveen LLC owned about 0.48% of Varonis Systems at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. CenterBook Partners LP raised its stake in shares of Varonis Systems by 2.6% in the first quarter. CenterBook Partners LP now owns 27,862 shares of the technology company's stock worth $1,127,000 after acquiring an additional 713 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Varonis Systems by 45.2% in the first quarter. PNC Financial Services Group Inc. now owns 4,502 shares of the technology company's stock worth $182,000 after acquiring an additional 1,401 shares during the last quarter. XTX Topco Ltd raised its stake in shares of Varonis Systems by 45.5% in the first quarter. XTX Topco Ltd now owns 11,177 shares of the technology company's stock worth $452,000 after acquiring an additional 3,497 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Varonis Systems in the first quarter worth about $1,985,000. Finally, Mackenzie Financial Corp raised its stake in shares of Varonis Systems by 234.0% in the first quarter. Mackenzie Financial Corp now owns 23,947 shares of the technology company's stock worth $969,000 after acquiring an additional 16,777 shares during the last quarter. 95.65% of the stock is owned by institutional investors.

Varonis Systems Stock Up 0.1%

Varonis Systems stock opened at $58.49 on Tuesday. The company has a market cap of $6.55 billion, a P/E ratio of -63.58 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 fifty day simple moving average of $52.36 and a 200 day simple moving average of $46.39. 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 released its earnings results on Tuesday, July 29th. The technology company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. The business had revenue of $152.16 million during the quarter, compared to the consensus estimate of $147.80 million. Varonis Systems had a negative net margin of 17.30% and a negative return on equity of 23.06%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.05 earnings per share. Research analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on VRNS shares. Jefferies Financial Group raised shares of Varonis Systems from a "hold" rating to a "buy" rating and boosted their target price for the stock from $50.00 to $65.00 in a research note on Thursday, July 24th. Royal Bank Of Canada increased their price objective on shares of Varonis Systems from $58.00 to $64.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Barclays increased their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wedbush increased their price objective on shares of Varonis Systems from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded shares of Varonis Systems from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $51.00 to $70.00 in a report on Monday, August 11th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.25.

Insiders Place Their Bets

In other Varonis Systems news, CFO Guy Melamed sold 42,705 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $57.72, for a total value of $2,464,932.60. Following the completion of the sale, the chief financial officer owned 427,897 shares in the company, valued at $24,698,214.84. This trade represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Den Bosch Fred Van sold 3,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $55.08, for a total transaction of $165,240.00. Following the sale, the director owned 128,666 shares of the company's stock, valued at approximately $7,086,923.28. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,594 shares of company stock valued at $5,789,257. Corporate insiders own 2.30% of the company's stock.

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.

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