From the archive. This pick came before our first emailed issue. We wrote it on Nov 3, 2026 from sources published around that day, with the same checks as every issue. It isn't part of the track record.
The pick
Varonis Systems (VRNS) had the biggest jump in trading volume compared with its usual level on October 16, 2026. Volume was 20.5x its 30-day average, and the stock rose 2.92%.
What happened
On October 15, 2026, Varonis and Proofpoint announced a definitive agreement for Proofpoint to acquire Varonis in an all-cash deal valued at about $6.3 billion. Proofpoint is a portfolio company of Thoma Bravo.
Varonis shareholders will receive $49.75 per share in cash. The company said this is a 52% premium to its $32.71 closing price on June 22, 2026, the last full trading day before initial rumors of a potential sale. It is also a 17% premium to its $42.35 close on September 1, 2026, the last full trading day before additional media reports about a possible sale.
The Varonis board approved the deal unanimously. The deal is expected to close in the first half of 2027. It is subject to customary closing conditions, including approval by Varonis shareholders and regulatory approvals. When it closes, Varonis stock will stop trading on the Nasdaq and Varonis will become a private company.
On October 16, two law firms, Halper Sadeh LLC and Ademi LLP, said they were investigating the deal. Both described investigating whether the deal price is fair to Varonis shareholders. These are law firm announcements, not findings.
Sources: [press release] [press release 2] [press release 3]
What news reports said
Yahoo Finance reported that Varonis shares jumped 2.9% in the pre-market session after the company agreed to be acquired by Proofpoint in an all-cash deal valued at about $6.3 billion. [Yahoo Finance]
The numbers
- Previous close: $47.34
- Close: $48.72
- Change: +2.92%
- Volume: 36,255,018
- 30-day average volume: 1,768,914
- Volume multiple: 20.5x
- Behind the move: a company press release
What to watch
- Varonis said it will announce third quarter 2026 results after the U.S. market close on November 3. It will not hold an earnings conference call because of the announced transaction.
- The deal is expected to close in the first half of 2027, subject to Varonis shareholder approval and regulatory approvals.
Source: [SEC filing]
What happened next
Measured from this day's close. Shown for every pick, good or bad. See the full track record.