5 Cybersecurity Stocks to Watch Amid Russian Invasion of Ukraine

3. Varonis Systems, Inc. (NASDAQ:VRNS)

Number of Hedge Fund Holders: 33

Varonis Systems, Inc. (NASDAQ:VRNS) is a New York-based company that provides data security and analytics services and allows firms to manage and secure enterprise data.

On February 8, Craig-Hallum analyst Chad Bennett maintained a ‘Buy’ rating on Varonis Systems, Inc. (NASDAQ:VRNS) shares, whilst lowering the firm’s price target on the company to $65 from $80, citing a broader software multiple compression as a reason for the price target downgrade. The analyst noted that Varonis Systems, Inc. (NASDAQ:VRNS) stock continued to outperform, breaking Q4 guidance estimates in subscription revenue, total revenue, and income estimates. EPS was recorded at $0.16 for Q4, beating estimates by $0.03. Quarterly revenue stood at $126.58 million, surpassing estimates by $4.60 million.

Wedbush analyst Daniel Ives also kept an ‘Outperform’ rating on Varonis Systems, Inc. (NASDAQ:VRNS) shares, noting that the company continues to take market share and expand its client base, and posted a healthy 2022 guidance above analysts’ expectations.

Investors were keen on Varonis Systems, Inc. (NASDAQ:VRNS) stock at the close of the fourth quarter, where 33 hedge funds held combined stakes worth $294.8 million in the company. This is up from 27 hedge funds holding positions worth $298.4 million in Varonis Systems, Inc. (NASDAQ:VRNS) at the close of Q3 2021. Among the hedge funds being tracked by Insider Monkey, Tremblant Capital is a leading shareholder in Varonis Systems, Inc. (NASDAQ:VRNS) in the fourth quarter, with 1.85 million shares worth more than $90 million.