Varonis Systems (NASDAQ:VRNS) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Varonis Systems (NASDAQ:VRNS) in a report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $65.00 target price on the technology company’s stock.

Several other brokerages have also commented on VRNS. Barclays increased their price objective on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. TD Cowen lifted their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Robert W. Baird boosted their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Piper Sandler lifted their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.75.

Varonis Systems Stock Up 1.7 %

Shares of NASDAQ:VRNS opened at $51.23 on Wednesday. The firm has a fifty day moving average of $55.86 and a 200 day moving average of $50.05. Varonis Systems has a 52-week low of $32.26 and a 52-week high of $60.58. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.44 and a current ratio of 2.44. The firm has a market capitalization of $5.75 billion, a PE ratio of -68.31 and a beta of 0.82.

Insider Buying and Selling at Varonis Systems

In other news, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently modified their holdings of VRNS. EFG Asset Management North America Corp. increased its position in shares of Varonis Systems by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 45,469 shares of the technology company’s stock valued at $2,181,000 after buying an additional 216 shares during the period. O Neil Global Advisors Inc. grew its holdings in shares of Varonis Systems by 4.8% during the 2nd quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock worth $229,000 after acquiring an additional 220 shares during the period. Hanseatic Management Services Inc. raised its position in shares of Varonis Systems by 1.7% in the 2nd quarter. Hanseatic Management Services Inc. now owns 16,051 shares of the technology company’s stock worth $770,000 after acquiring an additional 275 shares in the last quarter. Xponance Inc. raised its position in shares of Varonis Systems by 5.6% in the 2nd quarter. Xponance Inc. now owns 6,975 shares of the technology company’s stock worth $335,000 after acquiring an additional 367 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in shares of Varonis Systems by 3.5% in the 2nd quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock valued at $572,000 after purchasing an additional 401 shares during the period. 95.65% of the stock is owned by hedge funds and other 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.