Varonis Systems (NASDAQ:VRNS) Price Target Raised to $58.00

Varonis Systems (NASDAQ:VRNS) had its target price lifted by equities research analysts at Robert W. Baird from $55.00 to $58.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price objective points to a potential upside of 6.05% from the company’s previous close.

A number of other equities analysts have also issued reports on VRNS. Wells Fargo & Company upped their target price on Varonis Systems from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. UBS Group upped their price target on shares of Varonis Systems from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Wolfe Research raised shares of Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Friday, March 28th. Morgan Stanley dropped their target price on shares of Varonis Systems from $54.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Varonis Systems in a research note on Tuesday. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.67.

Varonis Systems Price Performance

VRNS opened at $54.69 on Thursday. Varonis Systems has a twelve month low of $36.53 and a twelve month high of $60.58. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of -67.52 and a beta of 0.76. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.23. The company has a fifty day simple moving average of $49.88 and a 200 day simple moving average of $45.15.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Tuesday, May 6th. The technology company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Varonis Systems had a negative net margin of 15.88% and a negative return on equity of 20.01%. The business had revenue of $136.42 million for the quarter, compared to analyst estimates of $133.10 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The firm’s revenue was up 19.6% on a year-over-year basis. Equities research analysts expect that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, Director Den Bosch Fred Van sold 6,000 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director owned 131,666 shares in the company, valued at approximately $6,583,300. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brown Advisory Inc. bought a new stake in shares of Varonis Systems during the first quarter valued at approximately $346,000. Mirae Asset Global Investments Co. Ltd. increased its position in Varonis Systems by 18.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,465 shares of the technology company’s stock valued at $352,000 after acquiring an additional 1,323 shares during the period. Stephens Investment Management Group LLC raised its stake in Varonis Systems by 14.7% during the 1st quarter. Stephens Investment Management Group LLC now owns 1,604,558 shares of the technology company’s stock valued at $64,904,000 after acquiring an additional 205,781 shares in the last quarter. Penserra Capital Management LLC boosted its position in Varonis Systems by 52.2% during the 1st quarter. Penserra Capital Management LLC now owns 1,542,071 shares of the technology company’s stock worth $62,376,000 after acquiring an additional 529,182 shares during the period. Finally, Legacy Advisors LLC grew its stake in shares of Varonis Systems by 164.5% in the first quarter. Legacy Advisors LLC now owns 21,090 shares of the technology company’s stock worth $853,000 after purchasing an additional 13,115 shares in the last quarter. 95.65% of the stock is owned by institutional investors and hedge funds.

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.