Varonis Systems, Inc. (NASDAQ:VRNS) Shares Purchased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. boosted its holdings in Varonis Systems, Inc. (NASDAQ:VRNS) by 3.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,534 shares of the technology company’s stock after buying an additional 365 shares during the period. Summit Investment Advisors Inc.’s holdings in Varonis Systems were worth $512,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. New Age Alpha Advisors LLC acquired a new stake in shares of Varonis Systems in the fourth quarter worth approximately $70,000. Pacer Advisors Inc. raised its stake in Varonis Systems by 29.5% during 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. R Squared Ltd acquired a new position in shares of Varonis Systems in the 4th quarter valued at $194,000. KBC Group NV grew its stake in shares of 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 buying an additional 1,488 shares during the period. Finally, Stoneridge Investment Partners LLC acquired a new stake in shares of Varonis Systems during the 4th quarter worth $224,000. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Varonis Systems Price Performance

Shares of VRNS stock opened at $40.39 on Friday. The firm has a market cap of $4.55 billion, a P/E ratio of -46.96 and a beta of 0.76. The firm has a fifty day moving average of $41.42 and a two-hundred day moving average of $46.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. Varonis Systems, Inc. has a 1-year low of $36.53 and a 1-year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share 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 earnings per share for the current fiscal year.

Varonis Systems announced that its Board of Directors has authorized a share 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 repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wells Fargo & Company lowered their price target on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 5th. Citigroup decreased their target price on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Barclays cut their price target on shares of Varonis Systems from $60.00 to $52.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Jefferies Financial Group decreased 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. Finally, StockNews.com downgraded shares of Varonis Systems from a “hold” rating to a “sell” rating in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.11.

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.