Pinebridge Investments L.P. Purchases New Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Pinebridge Investments L.P. purchased a new stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 214,911 shares of the technology company's stock, valued at approximately $9,548,000. Pinebridge Investments L.P. owned 0.19% of Varonis Systems at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Transce3nd LLC acquired a new position in shares of Varonis Systems in the fourth quarter worth $62,000. New Age Alpha Advisors LLC purchased a new position in Varonis Systems in the fourth quarter valued at about $70,000. Pacer Advisors Inc. increased its position in Varonis Systems by 29.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company's stock worth $118,000 after purchasing an additional 603 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Varonis Systems by 7.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,340 shares of the technology company's stock worth $193,000 after purchasing an additional 298 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Varonis Systems during the 4th quarter valued at about $194,000. 95.65% of the stock is owned by hedge funds and other institutional investors.

Varonis Systems Price Performance

VRNS stock traded up $0.08 during trading on Wednesday, hitting $42.90. 142,188 shares of the stock traded hands, compared to its average volume of 1,515,125. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of -49.80 and a beta of 0.76. Varonis Systems, Inc. has a one year low of $36.53 and a one year high of $60.58. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a 50 day simple moving average of $41.10 and a 200 day simple moving average of $45.87.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. Equities analysts expect that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems declared that its board has authorized a stock repurchase program on Monday, February 10th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

VRNS has been the topic of several recent research reports. Citigroup cut their price objective on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Cantor Fitzgerald began coverage on Varonis Systems in a report on Thursday, January 9th. They set an "overweight" rating and a $60.00 target price on the stock. Jefferies Financial Group dropped their price target on shares of Varonis Systems from $50.00 to $45.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Piper Sandler decreased their price objective on shares of Varonis Systems from $55.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Varonis Systems from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.00.

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.