Fred Alger Management LLC Increases Stake in Varonis Systems, Inc. (NASDAQ:VRNS)

Fred Alger Management LLC increased its holdings in Varonis Systems, Inc. (NASDAQ:VRNS) by 16.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,294 shares of the technology company’s stock after acquiring an additional 10,255 shares during the quarter. Fred Alger Management LLC owned approximately 0.06% of Varonis Systems worth $4,085,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VRNS. Farther Finance Advisors LLC lifted its position in shares of Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after purchasing an additional 423 shares during the period. International Assets Investment Management LLC lifted its holdings in Varonis Systems by 5,550.0% during the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after buying an additional 2,442 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in Varonis Systems during the third quarter worth $184,000. KBC Group NV boosted its position in Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after acquiring an additional 663 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of Varonis Systems in the 2nd quarter valued at $215,000. 95.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

VRNS has been the topic of a number of recent research reports. Barclays raised their price objective on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Robert W. Baird lifted their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of Varonis Systems in a research report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Varonis Systems in a report on Monday, August 26th. Finally, UBS Group increased their price objective on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Varonis Systems currently has an average rating of “Moderate Buy” and an average target price of $59.67.

Insider Activity

In related news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 504,598 shares in the company, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 444,114 shares in the company, valued at $26,540,252.64. This trade represents 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.

Varonis Systems Trading Up 0.8 %

Shares of NASDAQ:VRNS opened at $49.96 on Friday. Varonis Systems, Inc. has a twelve month low of $40.48 and a twelve month high of $60.58. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The company’s 50 day moving average is $54.52 and its 200 day moving average is $51.03.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The firm had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. Analysts expect that Varonis Systems, Inc. will post -0.73 EPS 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.