Varonis Systems, Inc. (NASDAQ:VRNS) Short Interest Update

Varonis Systems, Inc. (NASDAQ:VRNS) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 10,310,000 shares, a decline of 13.4% from the February 28th total of 11,900,000 shares. Based on an average daily trading volume, of 1,700,000 shares, the days-to-cover ratio is presently 6.1 days. Approximately 9.4% of the shares of the stock are sold short.

Varonis Systems Stock Down 2.6 %

Shares of VRNS opened at $40.48 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. The stock has a fifty day simple moving average of $42.41 and a two-hundred day simple moving average of $48.03. Varonis Systems has a 52-week low of $39.11 and a 52-week high of $60.58. The company has a market capitalization of $4.56 billion, a PE ratio of -47.07 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. As a group, equities analysts forecast that Varonis Systems will post -0.83 EPS for the current year.

Varonis Systems announced that its Board of Directors has initiated a stock buyback program on Monday, February 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in Varonis Systems in the 4th quarter valued at about $36,000. Johnson Financial Group Inc. purchased a new stake in Varonis Systems in the 4th quarter valued at $61,000. Transce3nd LLC acquired a new stake in shares of Varonis Systems during the fourth quarter worth about $62,000. New Age Alpha Advisors LLC purchased a new position in shares of Varonis Systems during the fourth quarter worth about $70,000. Finally, Pacer Advisors Inc. increased its position in Varonis Systems by 29.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock valued at $118,000 after acquiring an additional 603 shares during the period. Institutional investors and hedge funds own 95.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Cantor Fitzgerald started coverage on Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. Morgan Stanley assumed coverage on shares of Varonis Systems in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Wells Fargo & Company dropped their target price on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Finally, Jefferies Financial Group decreased their price target on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and a consensus price target of $58.53.

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.