Clearbridge Investments LLC Sells 473,531 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Clearbridge Investments LLC cut its position in Varonis Systems, Inc. (NASDAQ:VRNS) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,569,276 shares of the technology company’s stock after selling 473,531 shares during the quarter. Clearbridge Investments LLC owned 2.28% of Varonis Systems worth $114,153,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in VRNS. New Age Alpha Advisors LLC acquired a new position in shares of Varonis Systems in the fourth quarter valued at approximately $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 valued at $118,000 after acquiring an additional 603 shares during the period. R Squared Ltd bought a new position in shares of Varonis Systems during the fourth quarter valued at $194,000. KBC Group NV lifted its holdings in shares of Varonis Systems by 45.6% during the fourth quarter. KBC Group NV now owns 4,751 shares of the technology company’s stock worth $211,000 after purchasing an additional 1,488 shares during the period. Finally, Atom Investors LP bought a new stake in shares of Varonis Systems in the third quarter worth $224,000. 95.65% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Stock Down 0.1 %

Varonis Systems stock opened at $41.64 on Monday. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of -48.42 and a beta of 0.85. The firm’s fifty day moving average price is $42.71 and its two-hundred day moving average price is $48.31. Varonis Systems, Inc. has a 1-year low of $39.11 and a 1-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.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. On average, equities research analysts predict that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its Board of Directors has authorized a stock repurchase plan on Monday, February 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

VRNS has been the topic of several recent research reports. Wolfe Research raised Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Friday. Wells Fargo & Company reduced their target price on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. Citigroup lowered their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald began coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price for the company. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and an average price target of $58.82.

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.