Brokerages Set Varonis Systems, Inc. (NASDAQ:VRNS) Target Price at $56.33

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) have been assigned an average rating of “Moderate Buy” from the eighteen analysts that are currently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $56.33.

A number of equities research analysts recently weighed in on VRNS shares. JPMorgan Chase & Co. raised Varonis Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $50.00 to $54.00 in a research report on Friday, June 14th. Truist Financial reaffirmed a “buy” rating and set a $60.00 price objective (up previously from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. TD Cowen raised their price objective on Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Piper Sandler raised their price objective on Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Varonis Systems in a research report on Tuesday, July 30th.

Insider Buying and Selling

In related news, Vice Chairman James O’boyle sold 75,000 shares of Varonis Systems stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the completion of the sale, the insider now owns 494,114 shares of the company’s stock, valued at $25,219,578.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of VRNS. International Assets Investment Management LLC lifted its holdings in Varonis Systems by 1,779.2% in the fourth quarter. International Assets Investment Management LLC now owns 1,992 shares of the technology company’s stock valued at $90,000 after acquiring an additional 1,886 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Varonis Systems by 53.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 288,828 shares of the technology company’s stock valued at $13,078,000 after acquiring an additional 100,324 shares during the period. Cerity Partners LLC acquired a new position in Varonis Systems in the fourth quarter valued at approximately $219,000. Strs Ohio lifted its holdings in Varonis Systems by 61.4% in the fourth quarter. Strs Ohio now owns 11,300 shares of the technology company’s stock valued at $511,000 after acquiring an additional 4,300 shares during the period. Finally, Xponance Inc. acquired a new position in Varonis Systems in the fourth quarter valued at approximately $300,000. 95.65% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Price Performance

VRNS opened at $54.77 on Friday. Varonis Systems has a 12-month low of $29.25 and a 12-month high of $57.00. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The business’s fifty day simple moving average is $47.01 and its 200-day simple moving average is $46.80. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of -58.27 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The business had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same quarter in the prior year, the company earned ($0.35) EPS. The business’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

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.