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

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They presently have a $67.00 price target on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 51.21% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. lifted their price objective on Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. DA Davidson reduced their price target on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th. Piper Sandler upped their price objective on shares of Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group decreased their target price on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. Finally, Barclays raised their price target on shares of 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, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.35.

Varonis Systems Trading Down 1.8 %

Shares of VRNS opened at $44.31 on Monday. Varonis Systems has a 52-week low of $41.13 and a 52-week high of $60.58. The stock has a market cap of $4.98 billion, a PE ratio of -59.08 and a beta of 0.83. The firm’s fifty day moving average is $48.98 and its two-hundred day moving average is $51.69. 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 quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. Varonis Systems’s quarterly revenue was up 21.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) earnings per share. Research analysts forecast that Varonis Systems will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman James O’boyle sold 50,000 shares of the company’s stock in a transaction that occurred 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 $26,540,252.64. This represents a 10.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 of the company’s stock, valued at $27,096,912.60. This represents a 15.33 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC raised its position in 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 purchasing an additional 423 shares in the last quarter. International Assets Investment Management LLC raised its holdings 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 acquiring an additional 2,442 shares in the last quarter. KBC Group NV lifted its stake in Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after acquiring an additional 663 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems during the 3rd quarter worth approximately $184,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of Varonis Systems in the 2nd quarter valued at approximately $215,000. 95.65% of the stock is owned by institutional investors and hedge funds.

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.