UBS Group Boosts Varonis Systems (NASDAQ:VRNS) Price Target to $70.00

Varonis Systems (NASDAQ:VRNS) had its price objective boosted by UBS Group from $63.00 to $70.00 in a report issued on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on VRNS. Royal Bank of Canada boosted their price target on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Wells Fargo & Company increased their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Truist Financial reaffirmed a “buy” rating and issued a $60.00 price target (up from $55.00) on shares of Varonis Systems in a report on Tuesday, July 30th. Robert W. Baird increased their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, TD Cowen raised their target price on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Varonis Systems Trading Up 1.0 %

NASDAQ VRNS opened at $56.86 on Wednesday. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of -60.49 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44. Varonis Systems has a 12 month low of $30.89 and a 12 month high of $60.58. The company’s fifty day moving average price is $56.11 and its two-hundred day moving average price is $49.74.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. The business had revenue of $130.35 million for the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.35) earnings per share. As a group, research analysts predict that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following the sale, the insider now owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

Several institutional investors and hedge funds have recently bought and sold shares of VRNS. Mirae Asset Global Investments Co. Ltd. grew its position in Varonis Systems by 126.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares in the last quarter. Hood River Capital Management LLC grew its holdings in shares of Varonis Systems by 40.8% during the first quarter. Hood River Capital Management LLC now owns 1,611,871 shares of the technology company’s stock valued at $76,032,000 after buying an additional 466,688 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in shares of Varonis Systems during the first quarter valued at $19,194,000. Squarepoint Ops LLC raised its position in Varonis Systems by 167.9% during the second quarter. Squarepoint Ops LLC now owns 453,503 shares of the technology company’s stock valued at $21,755,000 after buying an additional 284,236 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Varonis Systems by 40.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 799,685 shares of the technology company’s stock worth $38,361,000 after acquiring an additional 228,589 shares in 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.