Thrivent Financial for Lutherans Sells 56,896 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Thrivent Financial for Lutherans decreased its stake in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 2.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,615,813 shares of the technology company’s stock after selling 56,896 shares during the period. Thrivent Financial for Lutherans’ holdings in Varonis Systems were worth $116,221,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in Varonis Systems by 29.5% during the fourth 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 during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems in the 3rd quarter valued at $184,000. KBC Group NV grew its stake in Varonis Systems by 25.5% in the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after buying an additional 663 shares during the last quarter. Atom Investors LP bought a new position in Varonis Systems in the 3rd quarter worth $224,000. Finally, Tidal Investments LLC bought a new stake in Varonis Systems during the third quarter valued at about $232,000. 95.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on VRNS. Wells Fargo & Company dropped their price objective on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. DA Davidson cut their price target on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research note on Wednesday, February 5th. Jefferies Financial Group cut their target price on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. Finally, Piper Sandler reduced their price target on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Varonis Systems presently has a consensus rating of “Moderate Buy” and an average target price of $59.38.

Varonis Systems Stock Up 3.6 %

NASDAQ VRNS opened at $41.45 on Tuesday. Varonis Systems, Inc. has a 1-year low of $39.11 and a 1-year high of $60.58. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of -48.20 and a beta of 0.85. The stock’s 50 day moving average is $43.28 and its two-hundred day moving average is $49.05. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results 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%. Equities 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 authorized a stock buyback program on Monday, February 10th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.