Shares of Varonis Systems Inc. (VRNS) soared 5.01% in pre-market trading on Monday after the company announced a new $100 million share repurchase program.

Varonis said its board authorized the repurchase of up to $100 million worth of its common stock over the next 12 months. The company may buy back shares through open market purchases or privately negotiated transactions. The share buyback is seen as a sign of confidence from Varonis in its long-term prospects and ability to generate strong cash flows.

The stock surge also came as Zacks identified Varonis as one of the "5 Big Data Providers to Buy on Lucrative Short-Term Upside Potential." The research firm highlighted Varonis' expected revenue growth of 13.2% and earnings growth of 12.9% for the current year, along with positive earnings estimate revisions. Analysts see significant upside potential of around 35% in Varonis shares based on current price targets.