Bank of Nova Scotia Invests $1.12 Million in Varonis Systems, Inc. (NASDAQ:VRNS)

Bank of Nova Scotia bought a new position in Varonis Systems, Inc. (NASDAQ:VRNS) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 25,325 shares of the technology company’s stock, valued at approximately $1,124,000.

Several other large investors have also added to or reduced their stakes in the business. New Age Alpha Advisors LLC purchased a new stake in shares of Varonis Systems in the fourth quarter worth approximately $70,000. Pacer Advisors Inc. raised 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 buying an additional 603 shares during the last quarter. R Squared Ltd bought a new position in Varonis Systems during the 4th quarter valued at $194,000. KBC Group NV lifted its stake in Varonis Systems by 45.6% during the 4th quarter. KBC Group NV now owns 4,751 shares of the technology company’s stock valued at $211,000 after acquiring an additional 1,488 shares in the last quarter. Finally, Stoneridge Investment Partners LLC purchased a new position in Varonis Systems during the 4th quarter worth $224,000. Institutional investors own 95.65% of the company’s stock.

Varonis Systems Stock Up 0.4 %

Shares of NASDAQ:VRNS opened at $41.30 on Monday. The firm has a fifty day moving average of $41.51 and a 200 day moving average of $47.09. Varonis Systems, Inc. has a 52-week low of $36.53 and a 52-week high of $60.58. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $4.65 billion, a PE ratio of -48.02 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate 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, research analysts anticipate that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its Board of Directors has initiated a share buyback plan on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

VRNS has been the topic of a number of recent analyst reports. Morgan Stanley assumed coverage on shares of Varonis Systems in a research report on Tuesday, March 18th. They set an “overweight” rating on the stock. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. StockNews.com downgraded Varonis Systems from a “hold” rating to a “sell” rating in a research note on Friday. Piper Sandler decreased their price target on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Finally, Wells Fargo & Company cut their price objective on 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Varonis Systems presently has a consensus rating of “Moderate Buy” and a consensus target price 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.