Varonis Systems (NASDAQ:VRNS) Raised to Outperform at Wolfe Research

Varonis Systems (NASDAQ:VRNS) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Friday, MarketBeat reports. The brokerage presently has a $50.00 price objective on the technology company’s stock. Wolfe Research’s price objective indicates a potential upside of 19.93% from the stock’s previous close.

A number of other brokerages have also issued reports on VRNS. Morgan Stanley initiated coverage on shares of Varonis Systems in a research note on Tuesday, March 18th. They set an “overweight” rating on the stock. Wells Fargo & Company cut their target price on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. Jefferies Financial Group decreased their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. StockNews.com raised Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Finally, Cantor Fitzgerald assumed coverage on Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.82.

Varonis Systems Price Performance

Varonis Systems stock opened at $41.69 on Friday. The company has a market capitalization of $4.69 billion, a PE ratio of -48.48 and a beta of 0.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. Varonis Systems has a fifty-two week low of $39.11 and a fifty-two week high of $60.58. The firm has a 50 day moving average price of $42.77 and a 200 day moving average price of $48.41.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. Research analysts expect that Varonis Systems will post -0.83 earnings per share for the current year.

Varonis Systems declared that its Board of Directors has approved a stock buyback 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 repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Varonis Systems

Several institutional investors have recently modified their holdings of VRNS. Quarry LP purchased a new position in shares of Varonis Systems in the 4th quarter valued at $36,000. Johnson Financial Group Inc. purchased a new stake in Varonis Systems in the fourth quarter valued at $61,000. Transce3nd LLC acquired a new position in Varonis Systems in the fourth quarter valued at $62,000. New Age Alpha Advisors LLC purchased a new position in shares of Varonis Systems during the fourth quarter worth about $70,000. Finally, Pacer Advisors Inc. increased its position in shares of Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after purchasing an additional 603 shares in the last quarter. Hedge funds and other 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.