In the world of technology, investments come and go as the industry continually evolves. Recently, one of the companies taking a hit in terms of investments is Varonis Systems, Inc. (NASDAQ:VRNS), with Kornitzer Capital Management Inc., KS reporting a significant decrease in its holdings within the tech company.
According to their most recent filing with the Securities and Exchange Commission (SEC), Kornitzer Capital Management Inc. KS decreased its shares in Varonis Systems by an enormous 86.2% during the fourth quarter. This drop resulted in the institutional investor owning only 115,700 shares of VRNS’s stock after selling 721,743 shares; previously they owned approximately 0.10% of Varonis’s shares at $2,770,000.
While it may seem like an alarming drop for VRNS’s investors, it’s essential to look deeper into this and consider other factors that may be at play. For instance, regarding earnings data released on February 6th of this year, Varonis Systems reported ($0.08) earnings per share for Q4 beating consensus by $0.03; a small victory which should not go unnoticed amidst larger losses.
It was also reported that Varonis had a negative return on equity sitting at around 23.10% with a negative net margin of about 26.29%. Their revenue for the quarter came in at $142.62 million compared to analyst estimates of $140.58 million.
Despite these impressive indicators that might lead one to believe all is well with Varonis Systems currently trading below where it was pre-earnings announcements according to analysts’ predictions – things are not quite looking up as deemed necessary.
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Institutional Investors Boost Position in Varonis Systems, Inc. Amid Impressive Cybersecurity Work
Varonis Systems, Inc. is a technology company that specializes in protecting enterprise data such as confidential customer, patient, and employee data. The company’s stock (NASDAQ:VRNS) recently saw changes in position by various institutional investors and hedge funds. Vanguard Group Inc. boosted its position in the company by 1.4% during the third quarter, while First Trust Advisors LP increased their position by 6.5% during the same period. Clearbridge Investments LLC also boosted their holdings by 11.6% during the first quarter.
Tremblant Capital Group owns around 3.2 million shares of VRNS stock after acquiring an additional 772,318 shares in the last quarter, giving them a stake worth $84,485,000 as of last December.
In total, institutional investors hold about 90.72% of the company’s stock. On Friday at opening time, shares of VRNS stock were trading at $24.75 per share representing an overall poor performance for VRNS compared to past quarters since it had previously hit a high point of over $50.
Varonis Systems has been rated “Hold” with an average rating from Bloomberg analysts of $31 per share target price against the current share price known prior to writing this article and recorded on Text bloc.
The company has completed several geographical segments ranging from North America to EMEA and finally Rest of the World with over hundreds of clients around the world whose aim is to protect sensitive information using the software provided by this cybersecurity firm.
In conclusion, institutional investors have made changes to their positions recently regarding Varonis Systems due to their impressive work in cybersecurity providing top-tier protection for vital information necessary for client buildings all over geographies spanning from North America through EMEA down to Rest Of The World with a total market valuation hovering above $300m according to Bloomberg Terminal at when this article was crafted earlier today but currently fluctuating dynamically based on market forces.
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Varonis Systems, Inc. Takes a Hit in Investments: Analyzing Kornitzer Capital Management’s Decrease in Holdings and Varoni
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