IQ EQ FUND MANAGEMENT IRELAND Ltd Cuts Stock Position in Varonis Systems, Inc. (NASDAQ:VRNS)

IQ EQ FUND MANAGEMENT IRELAND Ltd decreased its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,117 shares of the technology company’s stock after selling 7,743 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Varonis Systems were worth $5,657,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Varonis Systems by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock worth $530,978,000 after purchasing an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Varonis Systems by 4.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock worth $137,885,000 after purchasing an additional 127,129 shares in the last quarter. William Blair Investment Management LLC boosted its stake in Varonis Systems by 1.1% in the 2nd quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after purchasing an additional 23,231 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Varonis Systems by 126.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Varonis Systems by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock worth $78,517,000 after purchasing an additional 133,109 shares in the last quarter. 95.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VRNS. Truist Financial reiterated a “buy” rating and issued a $60.00 price target (up previously from $55.00) on shares of Varonis Systems in a research note on Tuesday, July 30th. Wells Fargo & Company upped their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Baird R W raised Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 30th. Susquehanna boosted their target price on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, July 30th. Finally, Piper Sandler boosted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.67.

Varonis Systems Price Performance

NASDAQ VRNS opened at $58.97 on Thursday. Varonis Systems, Inc. has a 52 week low of $30.89 and a 52 week high of $60.58. The firm has a market capitalization of $6.58 billion, a P/E ratio of -62.73 and a beta of 0.82. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $55.68 and a 200-day moving average price of $49.22.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The firm had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Insider Activity

In related news, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the completion of the transaction, the insider now directly owns 444,114 shares in the company, valued at approximately $26,540,252.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Varonis Systems 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.