Varonis Systems (NASDAQ:VRNS) Price Target Increased to $62.00 by Analysts at Robert W. Baird

Varonis Systems (NASDAQ:VRNS) had its price objective upped by analysts at Robert W. Baird from $60.00 to $62.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price target would indicate a potential upside of 10.10% from the stock’s current price.

A number of other brokerages have also issued reports on VRNS. Truist Financial reaffirmed a “buy” rating and set a $60.00 price objective (up from $55.00) on shares of Varonis Systems in a report on Tuesday, July 30th. TD Cowen increased their target price on Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research report on Tuesday, July 30th. Wedbush reiterated an “outperform” rating and set a $67.00 target price on shares of Varonis Systems in a research report on Monday, August 26th. Finally, Royal Bank of Canada increased their target price on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Varonis Systems Trading Down 0.5 %

Shares of VRNS opened at $56.31 on Wednesday. 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 1 year low of $30.89 and a 1 year high of $60.58. The company has a 50 day simple moving average of $56.08 and a two-hundred day simple moving average of $49.68. The firm has a market cap of $6.28 billion, a P/E ratio of -59.90 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The business had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. During the same period last year, the firm posted ($0.35) EPS. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction 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 sale, the insider now directly owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Varonis Systems by 1.4% during the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock worth $530,978,000 after purchasing an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Varonis Systems by 4.6% during the second quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock worth $137,885,000 after purchasing an additional 127,129 shares during the last quarter. William Blair Investment Management LLC lifted its position in shares of Varonis Systems by 1.1% during the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after purchasing an additional 23,231 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Varonis Systems by 126.8% during the first 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 during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Varonis Systems by 8.9% during 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 buying an additional 133,109 shares during the period. 95.65% of the stock is currently owned by institutional investors.

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.