Zurcher Kantonalbank Zurich Cantonalbank Trims Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 2.0% in the third quarter, Holdings Channel reports. The firm owned 56,088 shares of the technology company’s stock after selling 1,151 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Varonis Systems were worth $3,169,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in VRNS. Price T Rowe Associates Inc. MD grew its position in shares of Varonis Systems by 7.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,869 shares of the technology company’s stock valued at $2,919,000 after purchasing an additional 4,141 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Varonis Systems by 562.0% during the 2nd 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 in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Varonis Systems during the 2nd quarter valued at $2,148,000. SG Americas Securities LLC grew its position in shares of Varonis Systems by 21.2% during the 2nd quarter. SG Americas Securities LLC now owns 93,353 shares of the technology company’s stock valued at $4,478,000 after purchasing an additional 16,304 shares in the last quarter. Finally, Diversified Trust Co purchased a new position in Varonis Systems in the second quarter worth $575,000. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Guy Melamed sold 91,345 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 504,598 shares of the company’s stock, valued at $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $26,540,252.64. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

VRNS has been the subject of several research reports. JPMorgan Chase & Co. upped their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Robert W. Baird upped their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Barclays upped their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of Varonis Systems in a research report on Wednesday, October 30th. Finally, UBS Group upped their target price on shares of Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.67.

Varonis Systems Stock Performance

Shares of NASDAQ:VRNS opened at $50.76 on Wednesday. The company has a market cap of $5.71 billion, a price-to-earnings ratio of -67.68 and a beta of 0.80. The company has a 50-day moving average price of $54.28 and a 200-day moving average price of $51.17. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems, Inc. has a 12 month low of $41.13 and a 12 month high of $60.58.

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

About Varonis Systems

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.