Varonis (VRNS) intriguing small-cap stock that saw unusual volume on 4/12 with nearly 5000 May $55 calls bought on the day from $1.40 to $1.55, over 50X average.  The $5.25B company focuses on software for companies to manage, analyze, and secure enterprise data including sensitive files and emails, confidential personal data belonging to customers, and patients and employees’ data. VRNS is benefitting from some big secular trends within the cyber security space including growth in cloud-based data, adoption of hybrid cloud strategies, and the explosion of cyber threats. VRNS sees their TAM as nearing $37B. In Q4, the company posted strong metrics with 35% ARR growth, 53% growth in subscription revenue, and 106% growth in paid customers with six or more licenses. Analysts have an average target for shares of $62.50 with a Street High $80. Citi starting at Buy in January and called the company an attractive SMID cybersecurity idea, citing their reliable execution track record, conservative renewal and upsell assumptions, and a low-intensity competitive backdrop. Wedbush noting in March that the company could be an M&A target or at least on the radar now after the Google/Mandiant deal as cloud stalwarts Amazon (AMZN) and Microsoft (MSFT) will now be pressured into M&A and further bulk up its cloud platforms. Hedge fund ownership fell 10%.