JPMorgan Chase & Co. Upgrades Varonis Systems (NASDAQ:VRNS) to Overweight

Varonis Systems (NASDAQ:VRNSGet Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $54.00 price objective on the technology company’s stock, up from their previous price objective of $50.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 26.11% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC restated a “hold” rating on shares of Varonis Systems in a research note on Monday, May 13th. Royal Bank of Canada increased their price objective on Varonis Systems from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Truist Financial reaffirmed a “buy” rating and set a $55.00 target price (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Finally, Robert W. Baird increased their price target on Varonis Systems from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.31.

View Our Latest Stock Report on VRNS

Varonis Systems Trading Up 2.3 %

Shares of NASDAQ VRNS opened at $42.82 on Friday. The business’s 50 day moving average price is $44.06 and its 200-day moving average price is $45.80. Varonis Systems has a fifty-two week low of $24.66 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.38 and a current ratio of 2.38. The company has a market cap of $4.77 billion, a price-to-earnings ratio of -45.55 and a beta of 0.79.

Varonis Systems (NASDAQ:VRNSGet Free Report) last released its earnings results on Monday, May 6th. The technology company reported ($0.37) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.37). The business had revenue of $114.02 million for the quarter, compared to analyst estimates of $113.81 million. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. On average, sell-side analysts expect that Varonis Systems will post -0.98 earnings per share for the current year.

Insider Activity at Varonis Systems

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of Varonis Systems stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRNS. Quadrant Capital Group LLC boosted its holdings in Varonis Systems by 87.2% in the fourth quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock valued at $42,000 after purchasing an additional 429 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of Varonis Systems in the 1st quarter valued at about $63,000. NBC Securities Inc. acquired a new position in shares of Varonis Systems during the first quarter worth about $68,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Varonis Systems during the fourth quarter worth approximately $77,000. Finally, International Assets Investment Management LLC raised 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 in the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.

About Varonis Systems

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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