Panagora Asset Management Inc. Invests $2.78 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

Panagora Asset Management Inc. purchased a new stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 57,862 shares of the technology company’s stock, valued at approximately $2,776,000. Panagora Asset Management Inc. owned about 0.05% of Varonis Systems as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its holdings in Varonis Systems by 87.2% during the 4th quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock valued at $42,000 after buying an additional 429 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Varonis Systems in the 1st quarter worth about $63,000. NBC Securities Inc. purchased a new stake in shares of Varonis Systems in the 1st quarter worth about $68,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Varonis Systems in the 4th quarter worth about $77,000. Finally, Assetmark Inc. purchased a new stake in shares of Varonis Systems in the 4th quarter worth about $98,000. 95.65% of the stock is currently owned by institutional investors.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $56.60 on Friday. The company has a 50 day moving average price of $51.02 and a 200-day moving average price of $47.75. Varonis Systems, Inc. has a 52 week low of $29.47 and a 52 week high of $58.32. The firm has a market capitalization of $6.31 billion, a PE ratio of -60.21 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.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on VRNS shares. Truist Financial reaffirmed a “buy” rating and issued a $60.00 target price (up from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. Baird R W upgraded shares of Varonis Systems from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 30th. TD Cowen increased 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. Piper Sandler increased their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. upgraded shares of Varonis Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $54.00 in a research note on Friday, June 14th. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.33.

Insider Buying and Selling

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

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.