Varonis Systems (NASDAQ:VRNS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $67.00 target price on the technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler reduced their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. DA Davidson decreased their target price on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their target price on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Robert W. Baird raised their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of Varonis Systems in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.12.

Varonis Systems Stock Down 7.4 %

Shares of NASDAQ:VRNS opened at $43.37 on Wednesday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems has a one year low of $41.07 and a one year high of $60.58. The business’s 50-day simple moving average is $46.19 and its 200 day simple moving average is $51.36.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. As a group, equities research analysts forecast that Varonis Systems will post -0.7 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the sale, the chief financial officer now owns 504,598 shares of the company’s stock, valued at approximately $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP increased its holdings in shares of Varonis Systems by 61.4% in the third quarter. Quantbot Technologies LP now owns 113,671 shares of the technology company’s stock valued at $6,422,000 after buying an additional 43,258 shares in the last quarter. Lisanti Capital Growth LLC boosted its holdings in Varonis Systems by 17.0% during the third quarter. Lisanti Capital Growth LLC now owns 74,305 shares of the technology company’s stock valued at $4,198,000 after acquiring an additional 10,820 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of Varonis Systems by 226.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 20,595 shares of the technology company’s stock worth $1,164,000 after purchasing an additional 14,295 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Varonis Systems by 14.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 350,470 shares of the technology company’s stock worth $19,802,000 after buying an additional 44,826 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Varonis Systems during the 3rd quarter worth about $1,872,000. 95.65% of the stock is currently owned by hedge funds and other 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.