Exchange Traded Concepts LLC Decreases Position in Varonis Systems, Inc. $VRNS

Key Points

• Exchange Traded Concepts LLC has reduced its holdings in Varonis Systems by 10.2%, owning 55,723 shares valued at approximately $2.83 million after selling 6,307 shares.
• Institutional investors collectively own 95.65% of Varonis Systems, with notable increases in shares from firms like Voya Investment Management and Goldman Sachs.
• Varonis Systems reported earnings of $0.03 EPS for the most recent quarter, surpassing expectations and achieving 16.7% revenue growth year-over-year.

Exchange Traded Concepts LLC trimmed its holdings in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 10.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,723 shares of the technology company's stock after selling 6,307 shares during the period. Exchange Traded Concepts LLC's holdings in Varonis Systems were worth $2,828,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brown Advisory Inc. acquired a new stake in Varonis Systems during the first quarter worth about $346,000. Mirae Asset Global Investments Co. Ltd. raised its position 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 worth $352,000 after purchasing an additional 1,323 shares during the last quarter. Stephens Investment Management Group LLC increased its position in shares of Varonis Systems by 14.7% during the first quarter. Stephens Investment Management Group LLC now owns 1,604,558 shares of the technology company's stock worth $64,904,000 after acquiring an additional 205,781 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Varonis Systems by 52.2% in the first 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 increased its stake in shares of Varonis Systems by 164.5% during the first quarter. Legacy Advisors LLC now owns 21,090 shares of the technology company's stock worth $853,000 after purchasing an additional 13,115 shares during the period. Institutional investors and hedge funds own 95.65% of the company's stock.

Insider Activity

In other Varonis Systems news, Director Den Bosch Fred Van sold 3,000 shares of the company'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 completion of the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Guy Melamed sold 1,500 shares of Varonis Systems stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $59.59, for a total value of $89,385.00. Following the completion of the transaction, the chief financial officer owned 412,105 shares of the company's stock, valued at approximately $24,557,336.95. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,386 shares of company stock worth $6,429,405 in the last three months. Corporate insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VRNS. Wells Fargo & Company upgraded Varonis Systems from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $51.00 to $70.00 in a report on Monday, August 11th. Morgan Stanley boosted their target price on Varonis Systems from $59.00 to $66.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Citigroup lifted their price objective on Varonis Systems from $51.00 to $58.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 price objective on shares of Varonis Systems in a report on Tuesday, July 22nd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $70.00 target price on shares of Varonis Systems in a research report on Wednesday, September 3rd. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Varonis Systems has a consensus rating of "Moderate Buy" and a consensus target price of $61.65.

Varonis Systems Price Performance

VRNS stock traded up $0.57 during midday trading on Friday, reaching $58.06. The company had a trading volume of 3,412,272 shares, compared to its average volume of 1,388,078. The firm has a 50-day moving average price of $55.81 and a 200-day moving average price of $48.82. Varonis Systems, Inc. has a 1 year low of $36.53 and a 1 year high of $60.58. The company has a market capitalization of $6.51 billion, a P/E ratio of -63.11 and a beta of 0.67. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.38 and a quick ratio of 1.38.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. The firm 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 company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 earnings per share. Varonis Systems has set its FY 2025 guidance at 0.160-0.180 EPS. Q3 2025 guidance at 0.070-0.080 EPS. On average, research analysts anticipate 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.