Varonis Systems, Inc. (NASDAQ:VRNS) Holdings Cut by US Bancorp DE

Key Points

• US Bancorp DE reduced its stake in Varonis Systems by 37.8% in the first quarter, now holding 9,033 shares valued at $365,000.
• The company reported earnings of $0.03 EPS for the last quarter, beating analyst estimates of $0.01, with a year-over-year revenue increase of 16.7%.
• Analysts have given Varonis a consensus rating of "Moderate Buy" with an average price target of $58.50, indicating optimism for the stock's future performance.

US Bancorp DE cut its stake in Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 37.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,033 shares of the technology company's stock after selling 5,483 shares during the quarter. US Bancorp DE's holdings in Varonis Systems were worth $365,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mutual of America Capital Management LLC increased its position in Varonis Systems by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 85,255 shares of the technology company's stock worth $3,449,000 after purchasing an additional 284 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Varonis Systems by 7.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,340 shares of the technology company's stock valued at $193,000 after buying an additional 298 shares in the last quarter. Teza Capital Management LLC increased its holdings in 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 last quarter. Summit Investment Advisors Inc. raised its position in Varonis Systems by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,534 shares of the technology company's stock valued at $512,000 after acquiring an additional 365 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in 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 during the last quarter. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $58.10 on Thursday. Varonis Systems, Inc. has a 1 year low of $36.53 and a 1 year high of $60.58. The firm's fifty day simple moving average is $51.92 and its 200 day simple moving average is $46.10. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $6.51 billion, a PE ratio of -63.15 and a beta of 0.71.

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

Wall Street Analysts Forecast Growth

VRNS has been the topic of several analyst reports. Wall Street Zen upgraded shares of Varonis Systems from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Wedbush increased their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. DA Davidson increased their price target on shares of Varonis Systems from $47.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada increased their price target 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. Finally, 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 note on Wednesday, July 30th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.50.

Insiders Place Their Bets

In other Varonis Systems news, CFO Guy Melamed sold 51,889 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $55.10, for a total value of $2,859,083.90. Following the sale, the chief financial officer directly owned 470,602 shares in the company, valued at $25,930,170.20. This trade represents a 9.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Den Bosch Fred Van sold 3,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $55.08, for a total transaction of $165,240.00. Following the completion of the sale, the director owned 128,666 shares in the company, valued at $7,086,923.28. This represents a 2.28% decrease in their ownership of the stock. 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.

Varonis Systems 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.

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