Hussman Strategic Advisors Inc. acquired a new position in Varonis Systems Inc (NASDAQ:VRNS) in the third quarter, HoldingsChannel reports. The fund acquired 15,000 shares of the technology company’s stock, valued at approximately $1,099,000.
A number of other hedge funds have also recently modified their holdings of the business. Emerald Mutual Fund Advisers Trust boosted its stake in Varonis Systems by 0.7% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 609,600 shares of the technology company’s stock valued at $44,653,000 after acquiring an additional 4,160 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new position in Varonis Systems in the third quarter valued at about $265,000. Congress Asset Management Co. MA boosted its stake in Varonis Systems by 3.2% in the third quarter. Congress Asset Management Co. MA now owns 54,998 shares of the technology company’s stock valued at $4,029,000 after acquiring an additional 1,692 shares during the last quarter. First Trust Advisors LP boosted its stake in Varonis Systems by 25.9% in the third quarter. First Trust Advisors LP now owns 414,699 shares of the technology company’s stock valued at $30,377,000 after acquiring an additional 85,409 shares during the last quarter. Finally, First Manhattan Co. boosted its stake in Varonis Systems by 412.1% in the third quarter. First Manhattan Co. now owns 8,015 shares of the technology company’s stock valued at $587,000 after acquiring an additional 6,450 shares during the last quarter. 82.14% of the stock is owned by institutional investors and hedge funds.
A number of research firms have weighed in on VRNS. Wedbush reiterated a “hold” rating and issued a $68.00 target price on shares of Varonis Systems in a research note on Tuesday. Morgan Stanley dropped their target price on shares of Varonis Systems from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Craig Hallum set a $68.00 target price on shares of Varonis Systems and gave the company a “hold” rating in a research note on Tuesday, July 31st. They noted that the move was a valuation call. BidaskClub cut shares of Varonis Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Finally, Robert W. Baird began coverage on shares of Varonis Systems in a research note on Thursday, October 18th. They issued an “outperform” rating and a $75.00 target price on the stock. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $73.88.
Shares of VRNS stock opened at $61.86 on Friday. The company has a market cap of $1.70 billion, a P/E ratio of -123.72 and a beta of 0.74. Varonis Systems Inc has a 12 month low of $41.75 and a 12 month high of $83.10.
Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Monday, October 29th. The technology company reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.23. The company had revenue of $67.05 million for the quarter, compared to analysts’ expectations of $64.47 million. Varonis Systems had a negative net margin of 11.53% and a negative return on equity of 26.68%. Varonis Systems’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. As a group, research analysts predict that Varonis Systems Inc will post -0.93 earnings per share for the current fiscal year.
In related news, CFO Guy Melamed sold 844 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $72.35, for a total transaction of $61,063.40. Following the sale, the chief financial officer now directly owns 130,212 shares in the company, valued at approximately $9,420,838.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.20% of the company’s stock.
Varonis Systems Company Profile
Varonis Systems, Inc provides software solutions that protect data from insider threats and cyberattacks. The company, through its software, allows organizations to protect data stored on premises and on cloud, such as sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property.
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