Varonis Systems (NASDAQ:VRNS) Hits New 52-Week High – Time to Buy?

Varonis Systems, Inc. (NASDAQ:VRNS)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $60.04 and last traded at $59.90, with a volume of 125938 shares trading hands. The stock had previously closed at $59.90.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Robert W. Baird upgraded shares of Varonis Systems from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $52.00 to $60.00 in a research note on Tuesday, July 30th. Piper Sandler lifted their price target on Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Royal Bank of Canada upped their price objective on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Wells Fargo & Company raised their target price on Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, TD Cowen boosted their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.67.

Varonis Systems Trading Down 1.7 %

The company’s 50-day moving average is $55.68 and its 200 day moving average is $49.22. 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 firm has a market cap of $6.58 billion, a PE ratio of -62.73 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating 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 company had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. During the same quarter in the prior year, the company earned ($0.35) earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling at Varonis Systems

In other news, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now directly owns 444,114 shares of the company’s stock, valued at $26,540,252.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Varonis Systems by 1.4% in the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock worth $530,978,000 after acquiring an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Varonis Systems by 4.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock worth $137,885,000 after purchasing an additional 127,129 shares during the last quarter. William Blair Investment Management LLC increased its position in Varonis Systems by 1.1% in the 2nd quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after purchasing an additional 23,231 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Varonis Systems by 126.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Varonis Systems by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock valued at $78,517,000 after buying an additional 133,109 shares during the last quarter. Institutional investors and hedge funds 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.