Varonis Systems (NASDAQ:VRNS) Sets New 12-Month High – Here’s Why

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $58.33 and last traded at $58.09, with a volume of 360569 shares traded. The stock had previously closed at $56.55.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on VRNS shares. Robert W. Baird upgraded Varonis Systems from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $52.00 to $60.00 in a research report on Tuesday, July 30th. Truist Financial reissued a “buy” rating and issued a $60.00 target price (up previously from $55.00) on shares of Varonis Systems in a research note on Tuesday, July 30th. Wedbush reissued an “outperform” rating and issued a $67.00 target price on shares of Varonis Systems in a research note on Monday, August 26th. JPMorgan Chase & Co. raised Varonis Systems from a “neutral” rating to an “overweight” rating and increased their target price for the company from $50.00 to $54.00 in a research note on Friday, June 14th. Finally, Wells Fargo & Company increased their target price on Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.67.

Varonis Systems Stock Up 0.6 %

The company’s fifty day moving average price is $55.01 and its 200-day moving average price is $48.86. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS) last released its 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 firm had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned ($0.35) earnings per share. Sell-side analysts predict that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Insider Activity at Varonis Systems

In related news, Vice Chairman James O’boyle sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the completion of the sale, the insider now owns 494,114 shares of the company’s stock, valued at $25,219,578.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Varonis Systems

A number of large investors have recently added to or reduced their stakes in the stock. Diversified Trust Co grew its position in Varonis Systems by 12.4% in the 3rd quarter. Diversified Trust Co now owns 13,474 shares of the technology company’s stock worth $761,000 after purchasing an additional 1,485 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Varonis Systems in the 2nd quarter worth approximately $3,838,000. Algert Global LLC bought a new stake in Varonis Systems in the 2nd quarter worth approximately $527,000. The Manufacturers Life Insurance Company grew its position 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 purchasing an additional 228,589 shares during the period. Finally, EVR Research LP grew its position in Varonis Systems by 41.3% in the 2nd quarter. EVR Research LP now owns 325,000 shares of the technology company’s stock worth $15,590,000 after purchasing an additional 95,000 shares during the period. Institutional investors 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.