Varonis Systems (NASDAQ:VRNS) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Varonis Systems (NASDAQ:VRNS) had its price objective raised by equities research analysts at Royal Bank of Canada from $55.00 to $58.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 27.57% from the company’s current price.

Several other research firms have also recently weighed in on VRNS. Barclays dropped their price objective on shares of Varonis Systems from $60.00 to $52.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Citigroup cut their price target on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Wolfe Research raised shares of Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Friday, March 28th. Wells Fargo & Company dropped their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $67.00 price target on shares of Varonis Systems in a research note on Wednesday, February 5th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems presently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Varonis Systems Price Performance

Shares of Varonis Systems stock opened at $45.47 on Wednesday. Varonis Systems has a 1-year low of $36.53 and a 1-year high of $60.58. The firm’s 50-day moving average price is $41.27 and its two-hundred day moving average price is $45.22. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -52.87 and a beta of 0.79.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The business had revenue of $136.42 million for the quarter, compared to analyst estimates 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 for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. On average, equities analysts predict that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems announced that its board has approved a stock repurchase plan on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VRNS. Quarry LP bought a new position in shares of Varonis Systems during the 4th quarter worth approximately $36,000. Johnson Financial Group Inc. bought a new position in Varonis Systems in the fourth quarter valued at $61,000. Transce3nd LLC acquired a new stake in Varonis Systems in the 4th quarter valued at $62,000. New Age Alpha Advisors LLC bought a new stake in Varonis Systems during the 4th quarter worth about $70,000. Finally, NBC Securities Inc. lifted its position in Varonis Systems by 100,200.0% during the 1st quarter. NBC Securities Inc. now owns 2,006 shares of the technology company’s stock worth $81,000 after buying an additional 2,004 shares in the last quarter. 95.65% of the stock is currently owned by 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.