Boston, MA 09/17/2014 (wallstreetpr) – Software platform provider, Varonis Systems Inc (NASDAQ:VRNS) witnessed its shares being sold by one of the major shareholders, Evergreen IV L.P., for the third time in the current month of September. In all the transactions, the software company’s Independent Director, Erez Shachar, has been reported as indirect seller of Evergreen.
Unload Shares
According to a Form 4 filed with the Securities and Exchange Commission on September 16, the Varonis Systems Inc (NASDAQ:VRNS)’s Independent Director, Shachar, has divested 1,100 shares on September 11 and another 10,500 shares on September 15 through Evergreen IV, L.P. While 1,100 shares were sold at the rate of $24.00 a share, another lot of shares were divested at $23.64 a share. Together, Evergreen has sold 11,600 shares and realized an amount of $274,620.
The selling price indicated a premium of 23.1% over the 52-week low price of $19.21 and a discount of 58.4% from the yearly high price of $56.8. As a result of the current selling, Evergreen holding in Varonis Systems Inc (NASDAQ:VRNS) reduced to approximately 4.12 million shares valued around $93.7 million.
Shachar has also sold Varonis Systems Inc (NASDAQ:VRNS)’ 14,344 shares on September 9 at the rate of $23.51 while another lot of 30,000 shares were sold at $23.89 a share. Both the transactions were done by Evergreen through the Independent Director, as per Nasdaq data. This has fetched them $1.05 million.
One-Year Insider Trading
The last three-month period witnessed ten times of insider trading activities. While six transactions were reported for buying activities, four transactions belonged to selling of shares. Effectively, 38,286 shares were being purchased by the insiders compared to the sale of 88,688 shares in the last three-month period. As a result, there was a net selling activity of 50,402 shares during the period.
Similarly, during the past one-year period, 25 transactions of insider trading were reported to the regulator. While 19 transactions related to buying of about 32.06 million shares, six transactions were reported for selling of 527,816 shares. Thus, there was a net buying of nearly 31.54 million shares during the last 52-week period by the insiders.
The selling activities by the insiders during the last three-month could suggest that the stock is currently on a bear grip.
