Varonis Systems, Inc. (NASDAQ:VRNS) Shares Purchased by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. increased its stake in Varonis Systems, Inc. by 30.2% during Q1, owning 1,482,287 shares valued at approximately $59.96 million.
• Institutional investors collectively own 95.65% of Varonis Systems, with significant buy activity from firms like Renaissance Technologies LLC and Deutsche Bank in the previous quarter.
• Analysts have mixed views on Varonis Systems, with several adjusting their price targets, reflecting a consensus average target price of $56.67 and an average rating of "Moderate Buy."

Phoenix Financial Ltd. lifted its position in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 30.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,482,287 shares of the technology company's stock after acquiring an additional 343,709 shares during the quarter. Phoenix Financial Ltd. owned 1.32% of Varonis Systems worth $59,964,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brown Advisory Inc. purchased a new stake in Varonis Systems in the 1st quarter valued at approximately $346,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Varonis Systems by 18.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,465 shares of the technology company's stock valued at $352,000 after acquiring an additional 1,323 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in Varonis Systems by 14.7% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,604,558 shares of the technology company's stock valued at $64,904,000 after acquiring an additional 205,781 shares during the last quarter. Penserra Capital Management LLC raised its holdings in Varonis Systems by 52.2% in the 1st quarter. Penserra Capital Management LLC now owns 1,542,071 shares of the technology company's stock valued at $62,376,000 after acquiring an additional 529,182 shares during the last quarter. Finally, Legacy Advisors LLC raised its holdings in Varonis Systems by 164.5% in the 1st quarter. Legacy Advisors LLC now owns 21,090 shares of the technology company's stock valued at $853,000 after acquiring an additional 13,115 shares during the last quarter. Hedge funds and other institutional investors own 95.65% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on VRNS. JPMorgan Chase & Co. cut their price target on Varonis Systems from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 price target on shares of Varonis Systems in a report on Tuesday, July 22nd. Barclays boosted their price target on Varonis Systems from $54.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Wall Street Zen upgraded Varonis Systems from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Finally, Robert W. Baird upped their price objective on Varonis Systems from $55.00 to $58.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Varonis Systems presently has an average rating of "Moderate Buy" and a consensus target price of $56.67.

Insider Activity at Varonis Systems

In related news, Director Den Bosch Fred Van sold 6,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $50.00, for a total transaction of $300,000.00. Following the sale, the director owned 131,666 shares in the company, valued at $6,583,300. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company's stock.

Varonis Systems Stock Up 0.8%

Varonis Systems stock traded up $0.45 during trading on Tuesday, reaching $54.86. 1,028,316 shares of the company's stock were exchanged, compared to its average volume of 1,542,110. The company's 50-day moving average is $50.05 and its two-hundred day moving average is $45.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.15 and a current ratio of 1.15. Varonis Systems, Inc. has a 52-week low of $36.53 and a 52-week high of $60.58. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of -67.69 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings results 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). Varonis Systems had a negative return on equity of 20.01% and a negative net margin of 15.88%. The business had revenue of $136.42 million for the quarter, compared to analysts' expectations of $133.10 million. During the same period last year, the company posted ($0.03) earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. On average, analysts predict that Varonis Systems, Inc. will post -0.83 earnings per share for the current 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.