Kornitzer Capital Management Inc. KS Reduces Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Kornitzer Capital Management Inc. KS reduced its position in Varonis Systems, Inc. (NASDAQ:VRNS) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 405,970 shares of the technology company’s stock after selling 10,000 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.36% of Varonis Systems worth $18,037,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in VRNS. Virtue Capital Management LLC grew its stake in shares of Varonis Systems by 2.3% during the third quarter. Virtue Capital Management LLC now owns 16,264 shares of the technology company’s stock valued at $919,000 after buying an additional 364 shares during the last quarter. Farther Finance Advisors LLC grew its position in Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after acquiring an additional 423 shares during the last quarter. Pacer Advisors Inc. increased its stake in Varonis Systems by 29.5% in the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after purchasing an additional 603 shares during the period. KBC Group NV lifted its position in shares of Varonis Systems by 25.5% during the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after purchasing an additional 663 shares during the last quarter. Finally, Hanseatic Management Services Inc. boosted its stake in shares of Varonis Systems by 4.3% during the third quarter. Hanseatic Management Services Inc. now owns 16,742 shares of the technology company’s stock valued at $946,000 after purchasing an additional 691 shares during the period. Institutional investors own 95.65% of the company’s stock.

Varonis Systems Stock Up 0.9 %

VRNS opened at $44.10 on Tuesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.81 and a quick ratio of 1.81. Varonis Systems, Inc. has a 12-month low of $39.62 and a 12-month high of $60.58. The firm has a 50 day moving average of $44.89 and a two-hundred day moving average of $50.91.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.45% and a negative net margin of 17.38%. On average, equities research analysts expect that Varonis Systems, Inc. will post -0.74 earnings per share for the current fiscal year.

Varonis Systems announced that its board has approved a stock repurchase program on Monday, February 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on VRNS shares. UBS Group raised their price target on shares of Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Robert W. Baird lifted their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. DA Davidson dropped their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Varonis Systems in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.38.

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.