Varonis Systems (NASDAQ:VRNS) Upgraded to “Hold” at StockNews.com

Varonis Systems (NASDAQ:VRNS) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Saturday.

A number of other brokerages have also commented on VRNS. Citigroup lowered their price objective on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. DA Davidson dropped their price target on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. Needham & Company LLC reiterated a “buy” rating and issued a $67.00 target price on shares of Varonis Systems in a research note on Wednesday, February 5th. Finally, Piper Sandler dropped their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.38.

Varonis Systems Price Performance

NASDAQ VRNS opened at $40.74 on Friday. The company has a 50 day simple moving average of $43.81 and a 200-day simple moving average of $49.76. Varonis Systems has a 52-week low of $39.62 and a 52-week high of $60.58. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -47.37 and a beta of 0.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. Equities research analysts predict that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its board has approved a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Varonis Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,246,769 shares of the technology company’s stock valued at $544,124,000 after buying an additional 193,210 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Varonis Systems by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company’s stock valued at $147,801,000 after acquiring an additional 29,050 shares in the last quarter. First Trust Advisors LP increased its position in Varonis Systems by 4.8% during the fourth quarter. First Trust Advisors LP now owns 2,501,581 shares of the technology company’s stock worth $111,145,000 after acquiring an additional 113,573 shares during the period. William Blair Investment Management LLC increased its position in Varonis Systems by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 2,290,114 shares of the technology company’s stock worth $101,750,000 after acquiring an additional 52,971 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in Varonis Systems by 1.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,287,544 shares of the technology company’s stock worth $101,636,000 after purchasing an additional 29,852 shares in the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

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.