Proficio Capital Partners LLC Acquires Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Proficio Capital Partners LLC has entered a new position in Varonis Systems, Inc. (NASDAQ:VRNS) during the fourth quarter, according to a report from HoldingsChannel. The investment firm acquired 20,216 shares of the technology firm, which are valued at approximately $898,000.

A number of other large investors have also adjusted their positions in Varonis Systems recently. Keybank National Association OH increased its holdings in the stocks of Varonis Systems by 6.7% during the same quarter, now owning 10,184 shares valued at $452,000 after an additional purchase of 639 shares. Meanwhile, Charles Schwab Investment Management Inc. raised its stake by 0.9%, owning 971,844 shares with a total value of $43,179,000 after acquiring an extra 8,921 shares.

Bailard Inc. has increased its stake in Varonis Systems by 0.4%, now holding 93,627 shares valued at $4,160,000 after purchasing 417 more shares. Versor Investments LP also established a new position in Varonis Systems worth about $551,000. Furthermore, Los Angeles Capital Management LLC grew its stake by 16.4%, now holding 21,510 shares valued at $956,000 after acquiring an additional 3,023 shares last quarter. Currently, 95.65% of the stocks belong to institutional investors and hedge funds.

Recent Analyst Ratings

Several analysts have recently provided insights on Varonis Systems’ shares. StockNews.com upgraded the stock from a “sell” rating to a “hold” rating on March 8th. On February 5th, Wells Fargo & Company reduced their target price on Varonis Systems from $48.00 to $46.00, assigning an “equal weight” rating. Similarly, DA Davidson decreased their target from $50.00 to $47.00, giving a “neutral” rating.

Morgan Stanley has initiated coverage on Varonis Systems with an “overweight” rating, while Citigroup lowered their target from $57.00 to $46.00, also setting a “neutral” rating on the stock. As per data from MarketBeat.com, six analysts have rated the stock with a hold rating, twelve have given it a buy rating, and one has assigned a strong buy rating. Varonis Systems currently holds a consensus rating of “Moderate Buy” with an average price target of $59.38.

Varonis Systems Stock Overview

The stock for Varonis Systems opened at $41.00 on Friday. The company’s 50-day moving average stands at $43.05, while the 200-day moving average is $48.74. Varonis holds a market cap of $4.61 billion, with a negative PE ratio of -47.67 and a beta of 0.85. Financial metrics show a current ratio and quick ratio both at 1.24, with a debt-to-equity ratio of 0.99. The stock has fluctuated between a twelve-month low of $39.11 and a high of $60.58.

Varonis Systems revealed its quarterly earnings on February 4th, reporting earnings per share of ($0.10), which fell short of analysts' consensus estimates of $0.14 by a margin of ($0.24). The company recorded a negative net margin of 17.38% and a negative return on equity of 20.35%. Analysts predict that Varonis Systems will report an earnings per share of -0.83 for the current year.

On February 10th, Varonis Systems announced a share buyback plan that allows the company to repurchase up to $100 million in outstanding shares, indicating management's belief that the stock may be undervalued.

About Varonis Systems

Varonis Systems, Inc. offers a range of software products and services to help companies manage, analyze, alert, and secure enterprise data across North America, Europe, the Middle East, Africa, and worldwide. Their software solutions protect sensitive files and emails, confidential personal data, financial records, source code, strategic plans, and other intellectual property, regardless of whether stored on-premises or in the cloud.

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