Varonis Systems (NASDAQ:VRNS) Price Target Raised to $67.00

Varonis Systems (NASDAQ:VRNS) had its price objective upped by Wedbush from $65.00 to $67.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Wedbush’s price objective points to a potential upside of 25.92% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Susquehanna increased their price target on shares of Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a research note on Tuesday. Royal Bank of Canada raised their target price on shares of Varonis Systems from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Tuesday. Robert W. Baird upgraded shares of Varonis Systems from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $52.00 to $60.00 in a research report on Tuesday. Wells Fargo & Company raised their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Piper Sandler raised their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Varonis Systems Stock Up 9.7 %

NASDAQ:VRNS traded up $4.72 during mid-day trading on Tuesday, hitting $53.21. The stock had a trading volume of 4,020,219 shares, compared to its average volume of 1,256,031. The stock has a 50-day simple moving average of $45.47 and a two-hundred day simple moving average of $46.34. The company has a market capitalization of $5.93 billion, a PE ratio of -56.61 and a beta of 0.82. Varonis Systems has a twelve month low of $28.15 and a twelve month high of $56.68. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.07. The company had revenue of $130.35 million for the quarter, compared to analyst estimates of $124.83 million. Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.35) earnings per share. On average, equities research analysts anticipate that Varonis Systems will post -0.97 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Varonis Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Peregrine Capital Management LLC lifted its holdings in Varonis Systems by 11.4% in the second quarter. Peregrine Capital Management LLC now owns 254,196 shares of the technology company’s stock valued at $12,194,000 after acquiring an additional 26,115 shares during the period. Principal Financial Group Inc. lifted its holdings in Varonis Systems by 8.9% in the second quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock valued at $78,517,000 after acquiring an additional 133,109 shares during the period. Panagora Asset Management Inc. acquired a new stake in Varonis Systems in the second quarter valued at $2,776,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Varonis Systems by 337.8% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 38,041 shares of the technology company’s stock worth $1,766,000 after buying an additional 29,351 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Varonis Systems by 12.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 305,644 shares of the technology company’s stock worth $14,662,000 after buying an additional 32,922 shares during the last quarter. Institutional investors and hedge funds 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.