Varonis Systems (NASDAQ:VRNS) PT Raised to $65.00 at TD Cowen

Varonis Systems (NASDAQ:VRNS) had its target price raised by research analysts at TD Cowen from $54.00 to $65.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. TD Cowen’s price objective suggests a potential upside of 21.97% from the stock’s current price.

VRNS has been the topic of several other reports. Truist Financial reissued a “buy” rating and set a $60.00 price target (up from $55.00) on shares of Varonis Systems in a research report on Tuesday. Barclays raised their price target on shares of Varonis Systems from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday. Robert W. Baird raised shares of Varonis Systems from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $52.00 to $60.00 in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of Varonis Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $50.00 to $54.00 in a research note on Friday, June 14th. Finally, Wedbush upped their target price on Varonis Systems from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Varonis Systems Stock Up 9.9 %

Shares of VRNS traded up $4.80 during midday trading on Tuesday, hitting $53.29. The company had a trading volume of 4,590,391 shares, compared to its average volume of 1,257,783. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of -56.61 and a beta of 0.82. The company’s 50 day moving average price is $45.47 and its 200 day moving average price is $46.34. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.55. Varonis Systems has a 52 week low of $28.15 and a 52 week high of $56.68.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. The business had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. During the same period last year, the firm earned ($0.35) earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities research analysts predict that Varonis Systems will post -0.97 EPS for the current year.

Insider Activity at Varonis Systems

In related news, CEO Yakov Faitelson sold 284,211 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the transaction, the chief executive officer now owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Varonis Systems in the fourth quarter valued at $50,723,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Varonis Systems by 126.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock valued at $90,336,000 after acquiring an additional 1,070,821 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Varonis Systems by 121.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,503,683 shares of the technology company’s stock valued at $70,929,000 after purchasing an additional 824,163 shares in the last quarter. Hood River Capital Management LLC grew its stake in shares of Varonis Systems by 40.8% in the 1st quarter. Hood River Capital Management LLC now owns 1,611,871 shares of the technology company’s stock worth $76,032,000 after purchasing an additional 466,688 shares during the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new stake in shares of Varonis Systems in the 1st quarter worth approximately $19,194,000. 95.65% of the stock is owned by institutional investors.

About Varonis Systems

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; source code, strategic and product plans; and other intellectual property.