Varonis Systems (NASDAQ:VRNS) Earns “Buy” Rating from Needham & Company LLC

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $67.00 price objective on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 50.29% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler increased their target price on shares of Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Robert W. Baird upped their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Jefferies Financial Group decreased their price objective on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. DA Davidson reduced their price target on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised their price target on Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.65.

Varonis Systems Trading Up 0.5 %

Shares of Varonis Systems stock opened at $44.58 on Monday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -59.44 and a beta of 0.83. Varonis Systems has a twelve month low of $41.13 and a twelve month high of $60.58. The business has a 50-day moving average price of $49.23 and a 200-day moving average price of $51.62.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The company had revenue of $148.07 million for the quarter, compared to the consensus estimate of $141.62 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. Varonis Systems’s revenue was up 21.1% on a year-over-year basis. Equities research analysts anticipate that Varonis Systems will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction dated 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 transaction, the insider now owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the completion of the transaction, the chief financial officer now directly owns 504,598 shares of the company’s stock, valued at approximately $27,096,912.60. This trade represents a 15.33 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of VRNS. Farther Finance Advisors LLC increased its holdings in shares of Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after purchasing an additional 423 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after acquiring an additional 2,442 shares in the last quarter. KBC Group NV increased its stake in shares of Varonis Systems by 25.5% in the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after purchasing an additional 663 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Varonis Systems during the third quarter worth approximately $184,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in Varonis Systems in the second quarter valued at approximately $215,000. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Varonis Systems Company Profile

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.