Corton Capital Inc. Acquires New Position in Varonis Systems, Inc. (NASDAQ:VRNS)

Corton Capital Inc. bought a new position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,068 shares of the technology company’s stock, valued at approximately $358,000.

A number of other large investors have also recently modified their holdings of the business. Quarry LP bought a new stake in shares of Varonis Systems during the 4th quarter worth $36,000. Johnson Financial Group Inc. acquired a new position in Varonis Systems during the fourth quarter worth about $61,000. Transce3nd LLC bought a new position in shares of Varonis Systems in the fourth quarter worth about $62,000. New Age Alpha Advisors LLC acquired a new stake in shares of Varonis Systems in the 4th quarter valued at approximately $70,000. Finally, Pacer Advisors Inc. boosted its stake in shares of 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 purchasing an additional 603 shares in the last quarter. Institutional investors and hedge funds own 95.65% of the company’s stock.

Varonis Systems Stock Up 2.0 %

Shares of NASDAQ VRNS opened at $43.85 on Tuesday. 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 firm has a market cap of $4.91 billion, a PE ratio of -50.99 and a beta of 0.79. The company’s fifty day simple moving average is $41.11 and its 200 day simple moving average is $45.32. Varonis Systems, Inc. has a 12-month low of $36.53 and a 12-month high of $60.58.

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

Varonis Systems announced that its board has approved a stock buyback plan on Monday, February 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on VRNS. Jefferies Financial Group dropped their price objective on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Morgan Stanley dropped their price target on Varonis Systems from $54.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald assumed coverage on Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price objective on the stock. Citigroup dropped their target price on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, Wells Fargo & Company reduced their price target on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.00.

Varonis Systems 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.