Varonis Systems (NASDAQ:VRNS) Coverage Initiated at Cantor Fitzgerald

Analysts at Cantor Fitzgerald started coverage on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued on Thursday,Benzinga reports. The firm set an “overweight” rating and a $60.00 price target on the technology company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 35.62% from the stock’s previous close.

Several other brokerages have also recently commented on VRNS. JPMorgan Chase & Co. increased their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. UBS Group raised their target price on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Robert W. Baird upped their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Needham & Company LLC reissued a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research report on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of Varonis Systems in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.39.

Varonis Systems Price Performance

NASDAQ:VRNS traded down $0.07 during mid-day trading on Thursday, reaching $44.24. 1,027,428 shares of the company were exchanged, compared to its average volume of 1,159,366. Varonis Systems has a 12 month low of $41.13 and a 12 month high of $60.58. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. The company has a fifty day moving average of $48.53 and a 200 day moving average of $51.64. The stock has a market cap of $4.98 billion, a PE ratio of -58.99 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $148.07 million during the quarter, compared to analysts’ expectations of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) earnings per share. On average, research analysts anticipate that Varonis Systems will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Guy Melamed sold 91,345 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the completion of the sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the sale, the insider now directly owns 444,114 shares of the company’s stock, valued at $26,540,252.64. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Varonis Systems

Several institutional investors have recently bought and sold shares of VRNS. Farther Finance Advisors LLC raised its stake in Varonis Systems by 445.3% in the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after purchasing an additional 423 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Varonis Systems by 5,550.0% during the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after buying an additional 2,442 shares during the last quarter. KBC Group NV increased its holdings in shares of Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after buying an additional 663 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in Varonis Systems during the 3rd quarter valued at about $184,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of Varonis Systems during the second quarter valued at approximately $215,000. Hedge funds and other institutional investors own 95.65% of the company’s stock.

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.