Varonis Systems (NASDAQ:VRNS) Earns Buy Rating from Needham & Company LLC

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $67.00 price objective on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 51.21% from the stock’s current price.

A number of other analysts have also weighed in on VRNS. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Varonis Systems in a research note on Wednesday, October 30th. Jefferies Financial Group lowered their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. DA Davidson cut their price objective on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th. Barclays upped their target price on Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Piper Sandler increased their target price on Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Varonis Systems has a consensus rating of “Moderate Buy” and a consensus target price of $59.35.

Varonis Systems Stock Performance

Shares of NASDAQ:VRNS opened at $44.31 on Monday. The firm’s 50 day simple moving average is $48.98 and its 200-day simple moving average is $51.69. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81. Varonis Systems has a one year low of $41.13 and a one year high of $60.58. The firm has a market cap of $4.98 billion, a PE ratio of -59.08 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company had revenue of $148.07 million for the quarter, compared to the consensus estimate of $141.62 million. During the same period last year, the business posted ($0.22) EPS. Varonis Systems’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, equities analysts predict that Varonis Systems will post -0.73 EPS for the current year.

Insider Buying and Selling

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the completion of the transaction, the chief financial officer now directly owns 504,598 shares of the company’s stock, valued at approximately $27,096,912.60. This trade represents a 15.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the sale, the insider now owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Varonis Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Natixis Advisors LLC raised its holdings in Varonis Systems by 3.5% in the 2nd quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock worth $572,000 after purchasing an additional 401 shares during the period. Rhumbline Advisers grew its stake in Varonis Systems by 3.4% in the 2nd quarter. Rhumbline Advisers now owns 170,492 shares of the technology company’s stock valued at $8,178,000 after acquiring an additional 5,549 shares during the period. TD Asset Management Inc increased its holdings in Varonis Systems by 59.5% in the 2nd quarter. TD Asset Management Inc now owns 41,800 shares of the technology company’s stock worth $2,005,000 after acquiring an additional 15,600 shares in the last quarter. Victory Capital Management Inc. raised its position in Varonis Systems by 0.9% during the second quarter. Victory Capital Management Inc. now owns 773,353 shares of the technology company’s stock worth $37,098,000 after acquiring an additional 6,719 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Varonis Systems by 2.0% during the second quarter. Arizona State Retirement System now owns 30,543 shares of the technology company’s stock valued at $1,465,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 95.65% of the company’s stock.

Varonis Systems Company Profile

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.