Royal Bank of Canada Reiterates Outperform Rating for Varonis Systems (NASDAQ:VRNS)

Royal Bank of Canada reiterated their outperform rating on shares of Varonis Systems (NASDAQ:VRNS – Get Rating) in a research note published on Wednesday, Benzinga reports. The brokerage currently has a $31.00 price target on the technology company’s stock.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Varonis Systems in a report on Tuesday, January 24th. They set an underweight rating and a $25.00 price target on the stock. Morgan Stanley raised their price target on shares of Varonis Systems from $22.00 to $24.00 and gave the company an equal weight rating in a report on Tuesday, February 7th. Robert W. Baird downgraded shares of Varonis Systems from an outperform rating to a neutral rating and set a $30.00 price target on the stock. in a report on Monday, January 30th. Barclays raised their price target on shares of Varonis Systems from $29.00 to $30.00 and gave the company an equal weight rating in a report on Wednesday. Finally, Piper Sandler raised their price target on shares of Varonis Systems from $23.00 to $25.00 and gave the company a neutral rating in a report on Tuesday, February 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $30.94.

Varonis Systems Stock Down 1.7 %

Shares of VRNS stock opened at $25.37 on Wednesday. Varonis Systems has a one year low of $15.61 and a one year high of $51.60. The company’s 50-day moving average is $26.35 and its 200 day moving average is $24.82. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.96 and a quick ratio of 3.96.

Varonis Systems (NASDAQ:VRNS – Get Rating) last announced its quarterly earnings data on Monday, February 6th. The technology company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.03. The company had revenue of $142.62 million for the quarter, compared to the consensus estimate of $140.58 million. Varonis Systems had a negative net margin of 26.29% and a negative return on equity of 23.10%. Sell-side analysts forecast that Varonis Systems will post -0.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Varonis Systems news, Director Ofer Segev sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 5th. The shares were sold at an average price of $23.78, for a total transaction of $35,670.00. Following the sale, the director now owns 72,410 shares in the company, valued at approximately $1,721,909.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently modified their holdings of VRNS. Raymond James & Associates raised its position in shares of Varonis Systems by 24.7% during the first quarter. Raymond James & Associates now owns 41,783 shares of the technology company’s stock valued at $1,986,000 after buying an additional 8,272 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Varonis Systems by 3.9% during the first quarter. Bank of New York Mellon Corp now owns 495,160 shares of the technology company’s stock valued at $23,540,000 after buying an additional 18,813 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Varonis Systems by 91.8% during the first quarter. PNC Financial Services Group Inc. now owns 2,096 shares of the technology company’s stock valued at $99,000 after buying an additional 1,003 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Varonis Systems by 56.9% in the first quarter. MetLife Investment Management LLC now owns 56,965 shares of the technology company’s stock valued at $2,708,000 after purchasing an additional 20,660 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Varonis Systems by 0.7% in the first quarter. Rhumbline Advisers now owns 112,981 shares of the technology company’s stock valued at $5,371,000 after purchasing an additional 811 shares in the last quarter. Institutional investors own 90.72% of the company’s stock.

Varonis Systems Company Profile

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Varonis Systems, Inc engages in protecting enterprise data such as sensitive files and emails, confidential customer, patient, and employee data, financial records, strategic and product plans, and other intellectual property. It operates through the following geographical segments: North America, EMEA, and Rest of the World.