Varonis Systems (NASDAQ:VRNS) Upgraded at StockNews.com

StockNews.com upgraded shares of Varonis Systems (NASDAQ:VRNS) from a sell rating to a hold rating in a research report report published on Saturday morning.

VRNS has been the subject of a number of other research reports. Cantor Fitzgerald assumed coverage on Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target for the company. Jefferies Financial Group cut their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, December 19th. Piper Sandler reduced their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Wells Fargo & Company dropped their price target on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. Finally, Citigroup lowered their price objective on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.38.

Varonis Systems Trading Down 1.8 %

NASDAQ:VRNS opened at $40.01 on Friday. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of -46.52 and a beta of 0.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The business’s 50-day simple moving average is $43.73 and its 200 day simple moving average is $49.65. Varonis Systems has a one year low of $39.62 and a one year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. As a group, sell-side analysts predict that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its board has approved a stock buyback program on Monday, February 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Varonis Systems

Institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its holdings in shares of Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after buying an additional 423 shares during the period. Quarry LP acquired a new stake in shares of Varonis Systems in the fourth quarter valued at about $36,000. Johnson Financial Group Inc. bought a new position in shares of Varonis Systems in the fourth quarter worth about $61,000. Transce3nd LLC acquired a new position in shares of Varonis Systems during the 4th quarter worth about $62,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Varonis Systems during the fourth quarter worth approximately $70,000. 95.65% of the stock is currently 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.