Hillsdale Investment Management Inc. Purchases 600 Shares of Varonis Systems, Inc. (NASDAQ:VRNS)

Hillsdale Investment Management Inc. boosted its position in shares of Varonis Systems, Inc. (NASDAQ:VRNS) by 0.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 75,440 shares of the technology company’s stock after acquiring an additional 600 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Varonis Systems were worth $3,352,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. increased its position in shares of Varonis Systems by 13.0% in the fourth quarter. Sei Investments Co. now owns 217,516 shares of the technology company’s stock valued at $9,664,000 after acquiring an additional 24,949 shares during the period. Quantbot Technologies LP increased its holdings in Varonis Systems by 84.1% during the 4th quarter. Quantbot Technologies LP now owns 209,216 shares of the technology company’s stock valued at $9,295,000 after purchasing an additional 95,545 shares during the period. Summit Global Investments bought a new position in Varonis Systems during the 4th quarter valued at approximately $560,000. Semanteon Capital Management LP lifted its holdings in Varonis Systems by 63.5% in the 4th quarter. Semanteon Capital Management LP now owns 32,442 shares of the technology company’s stock worth $1,441,000 after buying an additional 12,599 shares during the period. Finally, Blueshift Asset Management LLC bought a new stake in shares of Varonis Systems in the 4th quarter worth approximately $363,000. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $41.00 on Friday. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -47.67 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 $43.05 and its 200 day moving average is $48.69.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 price target on shares of Varonis Systems in a research note on Wednesday, February 5th. Morgan Stanley initiated coverage on shares of Varonis Systems in a research report on Tuesday, March 18th. They issued an “overweight” rating for the company. Piper Sandler reduced their price target on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. DA Davidson lowered their price objective on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Finally, Cantor Fitzgerald began coverage on Varonis Systems in a report on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.38.

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.