Varonis Systems (NASDAQ:VRNS) Trading Down 3.3% After Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS) shares dropped 3.3% during mid-day trading on Friday after Citigroup lowered their price target on the stock from $57.00 to $46.00. Citigroup currently has a neutral rating on the stock. Varonis Systems traded as low as $44.35 and last traded at $44.39. Approximately 682,193 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,373,283 shares. The stock had previously closed at $45.88.

Several other research analysts have also recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 target price on shares of Varonis Systems in a research report on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Varonis Systems in a report on Wednesday, October 30th. Robert W. Baird upped their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald began coverage on Varonis Systems in a report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price objective on the stock. Finally, Barclays increased 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. Five 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.44.

Insider Buying and Selling at Varonis Systems

In other news, CFO Guy Melamed sold 91,345 shares of the business’s 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 completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP raised its holdings in Varonis Systems by 61.4% in the third quarter. Quantbot Technologies LP now owns 113,671 shares of the technology company’s stock worth $6,422,000 after purchasing an additional 43,258 shares during the period. Lisanti Capital Growth LLC lifted its holdings in Varonis Systems by 17.0% during the third quarter. Lisanti Capital Growth LLC now owns 74,305 shares of the technology company’s stock worth $4,198,000 after acquiring an additional 10,820 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Varonis Systems by 226.9% in the third quarter. Vontobel Holding Ltd. now owns 20,595 shares of the technology company’s stock valued at $1,164,000 after acquiring an additional 14,295 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Varonis Systems by 14.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 350,470 shares of the technology company’s stock worth $19,802,000 after acquiring an additional 44,826 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Varonis Systems during the third quarter worth about $1,872,000. Institutional investors own 95.65% of the company’s stock.

Varonis Systems Price Performance

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The company has a fifty day moving average price of $47.74 and a two-hundred day moving average price of $51.60. The firm has a market cap of $4.95 billion, a P/E ratio of -58.78 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The firm had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. The business’s revenue was up 21.1% on a year-over-year basis. Equities analysts anticipate that Varonis Systems, Inc. will post -0.7 earnings per share for the current year.

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.