Varonis Systems (NASDAQ:VRNS) Price Target Lowered to $46.00 at Citigroup

Varonis Systems (NASDAQ:VRNS) had its price objective reduced by analysts at Citigroup from $57.00 to $46.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s price target points to a potential upside of 5.00% from the company’s previous close.

Several other equities research analysts have also recently issued reports on VRNS. Cantor Fitzgerald began coverage on Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 target price on the stock. 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 note on Monday, October 28th. Robert W. Baird increased their target price on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Barclays raised their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, UBS Group increased their price objective on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.44.

Varonis Systems Price Performance

Shares of NASDAQ VRNS traded down $2.07 during midday trading on Friday, reaching $43.81. The stock had a trading volume of 1,123,958 shares, compared to its average volume of 1,414,589. The stock has a 50-day moving average of $47.74 and a 200-day moving average of $51.60. Varonis Systems has a 12-month low of $41.13 and a 12-month high of $60.58. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of -58.41 and a beta of 0.83. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company had revenue of $148.07 million for the quarter, compared to the consensus estimate of $141.62 million. During the same quarter last year, the company earned ($0.22) EPS. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, research analysts anticipate that Varonis Systems will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Guy Melamed sold 91,345 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was 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 approximately $27,096,912.60. This represents a 15.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by insiders.

Institutional Trading of Varonis Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP grew its position in shares of Varonis Systems by 61.4% in the 3rd quarter. Quantbot Technologies LP now owns 113,671 shares of the technology company’s stock valued at $6,422,000 after buying an additional 43,258 shares during the last quarter. Lisanti Capital Growth LLC grew its holdings in shares of Varonis Systems by 17.0% during the third quarter. Lisanti Capital Growth LLC now owns 74,305 shares of the technology company’s stock worth $4,198,000 after purchasing an additional 10,820 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Varonis Systems by 226.9% during the third quarter. Vontobel Holding Ltd. now owns 20,595 shares of the technology company’s stock worth $1,164,000 after purchasing an additional 14,295 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Varonis Systems by 14.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 350,470 shares of the technology company’s stock valued at $19,802,000 after purchasing an additional 44,826 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Varonis Systems in the 3rd quarter valued at about $1,872,000. 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.