The Manufacturers Life Insurance Company Has $42.93 Million Holdings in Varonis Systems, Inc. (NASDAQ:VRNS)

The Manufacturers Life Insurance Company reduced its holdings in Varonis Systems, Inc. (NASDAQ:VRNS) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 759,735 shares of the technology company’s stock after selling 39,950 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.68% of Varonis Systems worth $42,925,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Farther Finance Advisors LLC lifted its holdings in Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after buying an additional 423 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after buying an additional 2,442 shares in the last quarter. KBC Group NV lifted its holdings in Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after buying an additional 663 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems during the 3rd quarter worth $184,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Varonis Systems during the 2nd quarter worth $215,000. 95.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VRNS. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of Varonis Systems in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Piper Sandler raised their target price on shares of Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. UBS Group increased their price target on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Barclays increased their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Varonis Systems has an average rating of “Moderate Buy” and a consensus target price of $59.67.

Varonis Systems Stock Performance

Shares of NASDAQ:VRNS opened at $49.57 on Friday. The company’s 50 day simple moving average is $54.64 and its 200 day simple moving average is $50.94. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of -66.09 and a beta of 0.82. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.81 and a quick ratio of 1.81. Varonis Systems, Inc. has a 1 year low of $40.10 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $148.07 million for the quarter, compared to analysts’ expectations of $141.62 million. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.22) earnings per share. As a group, research analysts predict that Varonis Systems, Inc. will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at Varonis Systems

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. This trade represents a 15.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman James O’boyle sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the completion of the sale, the insider now owns 444,114 shares in the company, valued at $26,540,252.64. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

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.