Piper Sandler Increases Varonis Systems (NASDAQ:VRNS) Price Target to $48.00

Varonis Systems (NASDAQ:VRNS) had its price target hoisted by equities research analysts at Piper Sandler from $45.00 to $48.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential downside of 12.93% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada boosted their price objective on shares of Varonis Systems from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Robert W. Baird upgraded shares of Varonis Systems from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $52.00 to $60.00 in a report on Tuesday. Susquehanna boosted their target price on shares of Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Varonis Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $50.00 to $54.00 in a report on Friday, June 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Varonis Systems in a report on Monday, May 13th. 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 company. According to MarketBeat.com, Varonis Systems presently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $55.13 on Tuesday. The firm has a 50 day simple moving average of $45.91 and a 200-day simple moving average of $46.46. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market cap of $6.15 billion, a PE ratio of -58.65 and a beta of 0.83. Varonis Systems has a 1-year low of $28.15 and a 1-year high of $57.00.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.28%. The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.35) earnings per share. On average, equities analysts expect that Varonis Systems will post -0.97 EPS for the current year.

Insider Activity

In other news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares in the company, valued at $65,715,662.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its holdings in Varonis Systems by 53.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 288,828 shares of the technology company’s stock valued at $13,078,000 after acquiring an additional 100,324 shares in the last quarter. Inspire Advisors LLC acquired a new stake in Varonis Systems in the first quarter valued at $716,000. Seven Eight Capital LP acquired a new stake in Varonis Systems in the first quarter valued at $706,000. Vanguard Group Inc. raised its holdings in Varonis Systems by 1.4% in the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock valued at $530,978,000 after acquiring an additional 155,040 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of Varonis Systems by 172.7% during the fourth quarter. Teacher Retirement System of Texas now owns 23,188 shares of the technology company’s stock worth $1,050,000 after purchasing an additional 14,686 shares during the period. 95.65% of the stock is owned by institutional investors and hedge funds.

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.