Jennison Associates LLC Sells 147,191 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Jennison Associates LLC cut its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 18.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 635,098 shares of the technology company’s stock after selling 147,191 shares during the quarter. Jennison Associates LLC owned approximately 0.56% of Varonis Systems worth $35,883,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VRNS. EFG Asset Management North America Corp. raised its holdings in Varonis Systems by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 45,469 shares of the technology company’s stock worth $2,181,000 after purchasing an additional 216 shares during the last quarter. O Neil Global Advisors Inc. lifted its position in Varonis Systems by 4.8% in the 2nd quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock valued at $229,000 after acquiring an additional 220 shares in the last quarter. Hanseatic Management Services Inc. boosted its position in shares of Varonis Systems by 1.7% during the second quarter. Hanseatic Management Services Inc. now owns 16,051 shares of the technology company’s stock worth $770,000 after buying an additional 275 shares during the period. Xponance Inc. grew its stake in shares of Varonis Systems by 5.6% during the 2nd quarter. Xponance Inc. now owns 6,975 shares of the technology company’s stock worth $335,000 after acquiring an additional 367 shares in the last quarter. Finally, Natixis Advisors LLC increased its stake in Varonis Systems by 3.5% in the 2nd quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock valued at $572,000 after buying an additional 401 shares during the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on VRNS shares. Truist Financial reissued a “buy” rating and issued a $60.00 price objective (up previously from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. Robert W. Baird raised their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. UBS Group boosted their price target on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Susquehanna upped their target price on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research note on Tuesday, July 30th. Finally, Barclays raised their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.67.

Insider Activity at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the transaction, the chief financial officer now directly owns 504,598 shares in the company, valued at approximately $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value 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. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $50.31 on Friday. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of -67.08 and a beta of 0.82. Varonis Systems, Inc. has a fifty-two week low of $39.31 and a fifty-two week high of $60.58. The firm’s 50-day simple moving average is $55.11 and its 200 day simple moving average is $50.77. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the firm earned ($0.22) earnings per share. As a group, research analysts anticipate that Varonis Systems, Inc. will post -0.73 earnings per share for the current fiscal year.

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.