Varonis Systems (NASDAQ:VRNS) Coverage Initiated at Cantor Fitzgerald

Equities research analysts at Cantor Fitzgerald began coverage on shares of Varonis Systems (NASDAQ:VRNS) in a note issued to investors on Thursday,Benzinga reports. The brokerage set an “overweight” rating and a $60.00 price target on the technology company’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 35.62% from the stock’s previous close.

VRNS has been the subject of several other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of Varonis Systems in a research report on Wednesday, October 30th. DA Davidson dropped their price target on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, December 12th. Piper Sandler decreased their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price target on shares of Varonis Systems in a report on Monday. Finally, UBS Group increased their price objective on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.39.

Varonis Systems Stock Down 0.2 %

Shares of NASDAQ:VRNS traded down $0.07 during midday trading on Thursday, reaching $44.24. The company’s stock had a trading volume of 1,027,428 shares, compared to its average volume of 1,159,366. Varonis Systems has a 12-month low of $41.13 and a 12-month high of $60.58. The firm has a 50 day moving average of $48.53 and a 200-day moving average of $51.64. The firm has a market capitalization of $4.98 billion, a P/E ratio of -58.99 and a beta of 0.83. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $148.07 million during the quarter, compared to analyst estimates of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.22) EPS. On average, research analysts anticipate that Varonis Systems will post -0.73 earnings per share for the current year.

Insider Buying and Selling

In related news, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction 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 directly owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Guy Melamed sold 91,345 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the sale, the chief financial officer now directly owns 504,598 shares in the company, valued at approximately $27,096,912.60. The trade was a 15.33 % 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 Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its holdings in shares of Varonis Systems by 445.3% during the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after acquiring an additional 423 shares during the last quarter. International Assets Investment Management LLC lifted its position in Varonis Systems by 5,550.0% in the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after buying an additional 2,442 shares during the last quarter. KBC Group NV boosted its stake in Varonis Systems by 25.5% during the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after buying an additional 663 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of Varonis Systems during the third quarter valued at about $184,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Varonis Systems in the second quarter valued at approximately $215,000. Institutional investors and hedge funds own 95.65% of the company’s stock.

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.