Exchange Traded Concepts LLC Decreases Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Exchange Traded Concepts LLC cut its holdings in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 20.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,533 shares of the technology company’s stock after selling 9,883 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Varonis Systems were worth $2,121,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Inspire Advisors LLC acquired a new position in shares of Varonis Systems during the 1st quarter worth approximately $716,000. Seven Eight Capital LP purchased a new stake in Varonis Systems in the first quarter valued at approximately $706,000. Diversified Trust Co purchased a new stake in Varonis Systems in the second quarter valued at approximately $575,000. Swedbank AB purchased a new stake in Varonis Systems in the first quarter valued at approximately $3,344,000. Finally, Harbor Capital Advisors Inc. raised its position in Varonis Systems by 562.0% in the second quarter. Harbor Capital Advisors Inc. now owns 19,337 shares of the technology company’s stock valued at $928,000 after purchasing an additional 16,416 shares during the period. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on VRNS shares. Royal Bank of Canada boosted their target price on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. TD Cowen boosted their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Wedbush restated an “outperform” rating and issued a $67.00 price target on shares of Varonis Systems in a research note on Monday, August 26th. Susquehanna boosted their price target on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company boosted 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. Six equities research 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.67.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $59.90 on Tuesday. The company’s fifty day simple moving average is $55.35 and its 200-day simple moving average is $49.06. Varonis Systems, Inc. has a 52 week low of $30.89 and a 52 week high of $60.04. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The company has a market cap of $6.68 billion, a PE ratio of -63.72 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same quarter last year, the firm posted ($0.35) EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling

In related news, Vice Chairman James O’boyle sold 75,000 shares of Varonis Systems stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the sale, the insider now owns 494,114 shares of the company’s stock, valued at $25,219,578.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by insiders.

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.