Varonis Systems, Inc. $VRNS Stock Purchased by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management increased its Varonis stake by 20.3% in the third quarter, adding 24,345 shares to reach 144,496 shares valued at about $6.86 million.
• Analyst sentiment is broadly cautious: Varonis has a consensus “Hold” rating and an average price target of $50.39, with 22 analysts rating it Hold, four Buy, and one Sell.
• Varonis beat quarterly earnings and revenue estimates, reporting EPS of $0.09 versus $0.03 expected and revenue of $189.46 million; revenue rose 17.3% year over year.

Kornitzer Capital Management Inc. KS increased its position in Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 20.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,496 shares of the technology company's stock after buying an additional 24,345 shares during the period. Kornitzer Capital Management Inc. KS owned 0.13% of Varonis Systems worth $6,856,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC increased its position in Varonis Systems by 6.0% in the third quarter. Kestra Advisory Services LLC now owns 9,379 shares of the technology company's stock worth $445,000 after purchasing an additional 533 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Varonis Systems in the 3rd quarter worth about $224,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Varonis Systems during the 3rd quarter valued at about $2,294,000. Sterling Capital Management LLC lifted its holdings in shares of Varonis Systems by 840.4% in the 3rd quarter. Sterling Capital Management LLC now owns 3,771 shares of the technology company's stock valued at $179,000 after acquiring an additional 3,370 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Varonis Systems by 98.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,589 shares of the technology company's stock valued at $265,000 after acquiring an additional 2,777 shares during the last quarter. Institutional investors own 95.65% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wolfe Research downgraded Varonis Systems from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 21st. Piper Sandler downgraded shares of Varonis Systems from an "overweight" rating to a "neutral" rating and cut their price target for the company from $58.00 to $49.75 in a report on Friday, October 16th. Truist Financial downgraded shares of Varonis Systems from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 16th. JPMorgan Chase & Co. boosted their target price on Varonis Systems from $39.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Finally, Needham & Company LLC lowered Varonis Systems from a "buy" rating to a "hold" rating in a research note on Friday, October 16th. Four equities research analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Varonis Systems presently has a consensus rating of "Hold" and an average price target of $50.39.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $48.80 on Monday. Varonis Systems, Inc. has a 52-week low of $19.70 and a 52-week high of $50.31. The firm has a market capitalization of $5.63 billion, a price-to-earnings ratio of -36.69 and a beta of 0.76. The stock has a 50 day moving average price of $47.61 and a 200 day moving average price of $35.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.47 and a current ratio of 1.47.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.03 by $0.06. The firm had revenue of $189.46 million for the quarter, compared to analyst estimates of $186.74 million. Varonis Systems had a negative return on equity of 22.20% and a negative net margin of 21.38%. The business's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.06 earnings per share. Sell-side analysts expect that Varonis Systems, Inc. will post -0.93 earnings per share for the current year.

Varonis Systems Profile

Varonis Systems, Inc develops cybersecurity software focused on protecting organizations' data. Its platform helps businesses discover and classify sensitive information, manage access, identify potential threats, and remediate security risks across cloud and on-premises environments.

The company's offerings include data security, identity security, and threat-detection capabilities. They are designed to help organizations protect information in systems such as Microsoft 365, cloud infrastructure, and other business applications.

Founded in 2005 by Yaki Faitelson and Ohad Korkus, Varonis serves customers internationally.

Want to see what other hedge funds are holding VRNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Varonis Systems, Inc. (NASDAQ:VRNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.