Varonis Systems (NASDAQ:VRNS) Price Target Raised to $55.00

Varonis Systems (NASDAQ:VRNS) had its price objective raised by equities research analysts at Piper Sandler from $48.00 to $55.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential upside of 1.72% from the company’s previous close.

A number of other equities research analysts also recently weighed in on VRNS. Wedbush reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Varonis Systems in a report on Monday, August 26th. Truist Financial reaffirmed a “buy” rating and set a $60.00 price objective (up from $55.00) on shares of Varonis Systems in a report on Tuesday, July 30th. Robert W. Baird lifted their price objective on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. UBS Group lifted their price objective on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Barclays lifted their price objective on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $58.75.

Varonis Systems Stock Performance

VRNS stock traded down $4.71 during trading on Wednesday, reaching $54.07. 3,155,695 shares of the stock were exchanged, compared to its average volume of 1,311,717. Varonis Systems has a twelve month low of $31.56 and a twelve month high of $60.58. The company has a market capitalization of $6.03 billion, a P/E ratio of -57.97 and a beta of 0.82. The stock has a 50 day simple moving average of $56.19 and a 200-day simple moving average of $49.97. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The company had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.35) earnings per share. As a group, sell-side analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of the company’s 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 completion of the sale, the insider now owns 444,114 shares in the company, valued at approximately $26,540,252.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Varonis Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. EFG Asset Management North America Corp. raised its position in shares of Varonis Systems by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 45,469 shares of the technology company’s stock valued at $2,181,000 after acquiring an additional 216 shares during the last quarter. O Neil Global Advisors Inc. raised its position in shares of Varonis Systems by 4.8% during the 2nd quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock valued at $229,000 after acquiring an additional 220 shares during the last quarter. Hanseatic Management Services Inc. raised its position in shares of Varonis Systems by 1.7% during the 2nd quarter. Hanseatic Management Services Inc. now owns 16,051 shares of the technology company’s stock valued at $770,000 after acquiring an additional 275 shares during the last quarter. Xponance Inc. raised its position in shares of Varonis Systems by 5.6% during the 2nd quarter. Xponance Inc. now owns 6,975 shares of the technology company’s stock valued at $335,000 after acquiring an additional 367 shares during the last quarter. Finally, Natixis Advisors LLC raised its position in shares of Varonis Systems by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock valued at $572,000 after acquiring an additional 401 shares during the last quarter. Institutional investors 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.