Insider Trading Alert: Varonis Systems Inc. (NASDAQ: VRNS) Vice Chairman Sells Over $3.8 Million in Company Stock
In a recent transaction, James O'Boyle, Vice Chairman - Sales at Varonis Systems Inc., sold a significant amount of company stock, totaling over $3.8 million. The sale took place on August 6, with prices ranging between $50.78 and $51.36. Investors tracking insider activity at Varonis Systems Inc. would note that O'Boyle's recent move resulted in the sale of 75,000 shares. This substantial transaction was executed in multiple parts, with prices per share varying slightly within a set range.
The sales were conducted under a Rule 10b5-1 trading plan, allowing company insiders to set up a predetermined plan for trading securities. Following the transactions, O'Boyle still holds a significant number of shares in Varonis Systems, including indirect holdings through the James O'Boyle 2014 Family Trust. This insider activity provides valuable insights into the actions of company executives and their confidence in the firm's future prospects.
In other news, Varonis Systems has seen a significant shift towards a Software as a Service (SaaS) model, resulting in an 18% increase in annual recurring revenue (ARR) to $584.2 million. This transition has prompted several investment firms to adjust their price targets upwards. The company's transition to a SaaS platform is expected to increase ARR and improve margins due to high demand for its solutions.
InvestingPro Insights:
- Varonis Systems boasts a robust balance sheet and impressive gross profit margins.
- Analysts are optimistic about the company's future, with 16 analysts revising their earnings upwards.
- Varonis Systems has a market capitalization of $6 billion and has experienced revenue growth of 6.57% over the last twelve months.
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