Voya Investment Management LLC Buys 1,152,687 Shares of Varonis Systems, Inc. $VRNS

Key Points

• Voya Investment Management LLC increased its stake in Varonis Systems by 98.6% in Q1, now owning approximately 2.32 million shares valued at around $93.9 million.
• Varonis Systems reported Q2 earnings of $0.03 per share, surpassing expectations, and saw a 16.7% revenue growth compared to the previous year.
• Analysts have set a consensus price target of $61.65 for Varonis Systems, with many upgrading their ratings on the stock to "Buy."

Voya Investment Management LLC lifted its stake in Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) by 98.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,321,317 shares of the technology company's stock after buying an additional 1,152,687 shares during the period. Voya Investment Management LLC owned about 2.07% of Varonis Systems worth $93,897,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP raised its holdings in shares of Varonis Systems by 31.8% in the 1st quarter. Quarry LP now owns 1,082 shares of the technology company's stock worth $44,000 after buying an additional 261 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Varonis Systems in the 1st quarter worth approximately $69,000. NBC Securities Inc. raised its holdings in shares of Varonis Systems by 100,200.0% in the 1st quarter. NBC Securities Inc. now owns 2,006 shares of the technology company's stock worth $81,000 after buying an additional 2,004 shares in the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Varonis Systems in the 4th quarter worth approximately $163,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Varonis Systems by 45.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,502 shares of the technology company's stock worth $182,000 after buying an additional 1,401 shares in the last quarter. 95.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their target price on Varonis Systems from $59.00 to $66.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 target price on shares of Varonis Systems in a report on Tuesday, July 22nd. Barclays raised their price target on Varonis Systems from $60.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Citigroup raised their price target on Varonis Systems from $51.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, August 18th. Finally, Wedbush reaffirmed an "outperform" rating and set a $65.00 price target on shares of Varonis Systems in a 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.65.

Varonis Systems Trading Up 1.6%

VRNS traded up $0.93 during mid-day trading on Thursday, reaching $57.89. The stock had a trading volume of 478,265 shares, compared to its average volume of 1,531,945. The stock has a market capitalization of $6.49 billion, a P/E ratio of -62.99 and a beta of 0.67. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.38 and a current ratio of 1.38. The firm's fifty day simple moving average is $55.52 and its two-hundred day simple moving average is $48.50. Varonis Systems, Inc. has a 52 week low of $36.53 and a 52 week high of $60.58.

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

Insiders Place Their Bets

In other Varonis Systems news, Director Den Bosch Fred Van sold 3,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $55.08, for a total value of $165,240.00. Following the transaction, the director directly owned 128,666 shares in the company, valued at approximately $7,086,923.28. This trade represents a 2.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Guy Melamed sold 51,889 shares of the 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 completion of the transaction, the chief financial officer owned 470,602 shares in the company, valued at $25,930,170.20. The trade was a 9.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,386 shares of company stock worth $6,429,405 over the last quarter. Corporate insiders own 2.30% of the company's stock.

Varonis Systems Company 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.