Wolfe Research Upgrades Varonis Systems (NASDAQ:VRNS) to Outperform

Wolfe Research upgraded shares of Varonis Systems (NASDAQ:VRNS) from a peer perform rating to an outperform rating in a research report released on Friday morning, Marketbeat.com reports. Wolfe Research currently has $50.00 price objective on the technology company’s stock.

VRNS has been the topic of a number of other research reports. Jefferies Financial Group decreased their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. DA Davidson decreased 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. Morgan Stanley initiated coverage on shares of Varonis Systems in a report on Tuesday, March 18th. They set an “overweight” rating for the company. StockNews.com upgraded Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price objective on shares of Varonis Systems in a research report on Wednesday, February 5th. Six investment 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.82.

Varonis Systems Price Performance

Shares of VRNS opened at $41.64 on Friday. The company has a market cap of $4.69 billion, a P/E ratio of -48.42 and a beta of 0.85. Varonis Systems has a fifty-two week low of $39.11 and a fifty-two week high of $60.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. The firm’s 50 day moving average price is $42.71 and its 200 day moving average price is $48.31.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. On average, research analysts forecast that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its Board of Directors has authorized a stock repurchase program on Monday, February 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Varonis Systems by 6.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 962,923 shares of the technology company’s stock worth $54,405,000 after acquiring an additional 59,218 shares during the period. Citigroup Inc. boosted its position in Varonis Systems by 88.4% during the third quarter. Citigroup Inc. now owns 105,429 shares of the technology company’s stock worth $5,957,000 after purchasing an additional 49,472 shares in the last quarter. Cerity Partners LLC grew its holdings in Varonis Systems by 57.9% in the third quarter. Cerity Partners LLC now owns 10,220 shares of the technology company’s stock valued at $577,000 after purchasing an additional 3,747 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Varonis Systems by 31.7% in the third quarter. BNP Paribas Financial Markets now owns 81,191 shares of the technology company’s stock valued at $4,587,000 after buying an additional 19,561 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of Varonis Systems by 11.3% during the 3rd quarter. Captrust Financial Advisors now owns 8,263 shares of the technology company’s stock worth $467,000 after buying an additional 837 shares during the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

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.