UBS Group Forecasts Strong Price Appreciation for Varonis Systems (NASDAQ:VRNS) Stock

Varonis Systems (NASDAQ:VRNS) had its price objective lifted by UBS Group from $55.00 to $60.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other brokerages have also issued reports on VRNS. Wolfe Research raised Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Friday, March 28th. Needham & Company LLC reiterated a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a report on Wednesday, February 5th. Jefferies Financial Group reduced their target price on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating for the company in a report on Monday, March 31st. StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Varonis Systems in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Varonis Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Varonis Systems Stock Performance

Shares of VRNS opened at $45.27 on Wednesday. The firm has a market cap of $5.07 billion, a P/E ratio of -52.63 and a beta of 0.79. Varonis Systems has a twelve month low of $36.53 and a twelve month high of $60.58. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The firm’s 50 day moving average price is $41.20 and its two-hundred day moving average price is $45.31.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). The company had revenue of $136.42 million during the quarter, compared to the consensus estimate of $133.10 million. Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. The company’s revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.03) earnings per share. On average, analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its board has initiated a share repurchase program on Monday, February 10th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Varonis Systems

Several hedge funds and other institutional investors have recently modified their holdings of VRNS. Quarry LP acquired a new stake in Varonis Systems during the fourth quarter worth approximately $36,000. Johnson Financial Group Inc. bought a new position in shares of Varonis Systems during the fourth quarter worth approximately $61,000. Transce3nd LLC acquired a new stake in Varonis Systems during the 4th quarter worth approximately $62,000. New Age Alpha Advisors LLC bought a new stake in Varonis Systems in the 4th quarter valued at $70,000. Finally, NBC Securities Inc. grew its holdings in Varonis Systems by 100,200.0% in the 1st quarter. NBC Securities Inc. now owns 2,006 shares of the technology company’s stock valued at $81,000 after buying an additional 2,004 shares in the last quarter. Institutional investors 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.