Varonis Systems’ (VRNS) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a $67.00 target price on the technology company’s stock.

VRNS has been the subject of several other research reports. Piper Sandler dropped their price objective on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. DA Davidson reduced their price target on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group reduced their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. UBS Group boosted their price target on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Varonis Systems has an average rating of “Moderate Buy” and an average target price of $59.12.

Varonis Systems Trading Down 7.4 %

Shares of VRNS stock opened at $43.37 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.81 and a quick ratio of 1.81. The stock has a 50-day moving average of $46.19 and a 200-day moving average of $51.36. Varonis Systems has a 1-year low of $41.07 and a 1-year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. As a group, analysts expect that Varonis Systems will post -0.7 earnings per share for the current year.

Insider Activity at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the completion of the sale, the chief financial officer now owns 504,598 shares in the company, valued at approximately $27,096,912.60. This trade represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently made changes to their positions in VRNS. Farther Finance Advisors LLC grew its position in shares of Varonis Systems by 445.3% in the 3rd 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 period. International Assets Investment Management LLC grew its holdings in shares of Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,442 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Varonis Systems by 29.5% in the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after purchasing an additional 603 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems in the third quarter valued at about $184,000. Finally, KBC Group NV lifted its position 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 purchasing an additional 663 shares during the period. 95.65% of the stock is owned by institutional investors and hedge funds.

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.