Varonis Systems (NASDAQ:VRNS) Releases Earnings Results, Beats Expectations By $0.05 EPS


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Varonis Systems (NASDAQ:VRNS) announced its quarterly earnings results on Sunday. The technology company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.05, MarketWatch Earnings reports. The company had revenue of $74.79 million during the quarter, compared to analysts’ expectations of $69.02 million. Varonis Systems had a negative return on equity of 97.77% and a negative net margin of 33.75%. Varonis Systems’s revenue was up 38.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.56) EPS.

VRNS traded down $1.06 during trading hours on Tuesday, reaching $50.61. The company’s stock had a trading volume of 2,348,887 shares, compared to its average volume of 1,428,266. Varonis Systems has a 52 week low of $22.07 and a 52 week high of $75.33. The company’s 50-day moving average is $53.96 and its 200-day moving average is $54.46. The company has a debt-to-equity ratio of 2.74, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a market cap of $5.37 billion, a PE ratio of -17.88 and a beta of 1.12.

VRNS has been the subject of a number of recent analyst reports. Zacks Investment Research raised Varonis Systems from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 14th. Berenberg Bank upgraded Varonis Systems from a “hold” rating to a “buy” rating and set a $84.33 price objective for the company in a research report on Thursday, February 25th. UBS Group started coverage on Varonis Systems in a research report on Tuesday, March 30th. They set a “buy” rating and a $62.00 price target for the company. Piper Sandler upped their price target on Varonis Systems from $60.00 to $66.67 and gave the stock an “overweight” rating in a research report on Tuesday, February 9th. Finally, FBN Securities initiated coverage on Varonis Systems in a research report on Tuesday, April 13th. They set an “outperform” rating and a $65.00 price target for the company. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Varonis Systems currently has an average rating of “Buy” and a consensus target price of $61.08.

In other Varonis Systems news, VP Gilad Raz sold 18,030 shares of the stock in a transaction on Monday, March 1st. The stock was sold at an average price of $185.08, for a total transaction of $3,336,992.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Yakov Faitelson sold 48,686 shares of the stock in a transaction on Monday, March 1st. The stock was sold at an average price of $182.50, for a total value of $8,885,195.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 277,799 shares of company stock worth $40,694,906. 2.70% of the stock is owned by company insiders.

About Varonis Systems

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, 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; strategic and product plans; and other intellectual property.

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Earnings History for Varonis Systems (NASDAQ:VRNS)

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