Piper Sandler Has Lowered Expectations for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its price target lowered by investment analysts at Piper Sandler from $55.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective points to a potential upside of 12.84% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price objective on shares of Varonis Systems in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and set a $65.00 target price on shares of Varonis Systems in a research report on Wednesday, October 30th. Jefferies Financial Group lowered their price target on Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. UBS Group boosted their price objective on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Barclays upped their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.35.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $44.31 on Monday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The stock has a fifty day simple moving average of $48.98 and a two-hundred day simple moving average of $51.69. Varonis Systems has a 1-year low of $41.13 and a 1-year high of $60.58. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of -59.08 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 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. The company had revenue of $148.07 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) EPS. Analysts anticipate that Varonis Systems will post -0.73 earnings per share for the current year.

Insider Buying and Selling at Varonis Systems

In related news, Vice Chairman James O’boyle sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the completion of the transaction, the insider now owns 444,114 shares in the company, valued at $26,540,252.64. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was 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 directly owns 504,598 shares of the company’s stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its stake in shares of Varonis Systems by 445.3% during the 3rd 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 boosted its position in Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after acquiring an additional 2,442 shares in the last quarter. KBC Group NV boosted its position in Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after acquiring an additional 663 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of Varonis Systems during the 3rd quarter worth approximately $184,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Varonis Systems in the 2nd quarter worth approximately $215,000. 95.65% of the stock is currently owned by 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.