Varonis Systems (NASDAQ:VRNS) Rating Reiterated by Truist Financial

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating reaffirmed by investment analysts at Truist Financial in a note issued to investors on Tuesday, Benzinga reports. They currently have a $60.00 price target on the technology company’s stock, up from their previous price target of $55.00. Truist Financial’s target price suggests a potential upside of 8.83% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Varonis Systems in a research report on Tuesday. Robert W. Baird raised Varonis Systems from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $52.00 to $60.00 in a research report on Tuesday. Piper Sandler lifted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company lifted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised Varonis Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.00.

Varonis Systems Trading Down 0.8 %

Shares of NASDAQ:VRNS opened at $55.13 on Tuesday. The company has a market cap of $6.15 billion, a P/E ratio of -58.65 and a beta of 0.83. The stock’s 50-day moving average is $45.91 and its 200-day moving average is $46.46. Varonis Systems has a 52-week low of $28.15 and a 52-week high of $57.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.38 and a current ratio of 2.38.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (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 the consensus estimate of $124.83 million. Varonis Systems had a negative return on equity of 18.28% and a negative net margin of 16.97%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. Equities research analysts predict that Varonis Systems will post -0.97 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Varonis Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrant Capital Group LLC boosted its holdings in Varonis Systems by 87.2% in the fourth quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock valued at $42,000 after acquiring an additional 429 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in Varonis Systems in the first quarter valued at about $63,000. NBC Securities Inc. bought a new position in Varonis Systems in the first quarter valued at about $68,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Varonis Systems in the fourth quarter valued at about $77,000. Finally, International Assets Investment Management LLC boosted its holdings in Varonis Systems by 1,779.2% in the fourth quarter. International Assets Investment Management LLC now owns 1,992 shares of the technology company’s stock valued at $90,000 after acquiring an additional 1,886 shares during the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

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.