Pictet Asset Management Holding SA Buys 29,852 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Pictet Asset Management Holding SA raised its stake in Varonis Systems, Inc. (NASDAQ:VRNS) by 1.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,287,544 shares of the technology company’s stock after purchasing an additional 29,852 shares during the quarter. Pictet Asset Management Holding SA owned 2.03% of Varonis Systems worth $101,636,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in VRNS. New Age Alpha Advisors LLC bought a new stake in Varonis Systems during the 4th quarter valued at $70,000. Pacer Advisors Inc. raised its stake in shares of 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 acquiring an additional 603 shares during the last quarter. Atom Investors LP purchased a new stake in shares of Varonis Systems during the third quarter worth about $224,000. Tidal Investments LLC bought a new stake in shares of Varonis Systems in the third quarter worth about $232,000. Finally, R Squared Ltd purchased a new position in Varonis Systems during the 4th quarter valued at about $194,000. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group cut their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, December 19th. Piper Sandler cut their price target on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. StockNews.com raised shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Citigroup dropped their target price on shares of 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 decreased their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.82.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $41.64 on Friday. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -48.42 and a beta of 0.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. Varonis Systems, Inc. has a one year low of $39.11 and a one year high of $60.58. The company’s 50-day moving average is $42.71 and its 200 day moving average is $48.35.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly 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%. Sell-side analysts expect that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its board has approved a stock repurchase plan on Monday, February 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.