Morgan Stanley Initiates Coverage on Varonis Systems (NASDAQ:VRNS)

Analysts at Morgan Stanley started coverage on shares of Varonis Systems (NASDAQ:VRNS) in a report released on Tuesday. The firm set an “overweight” rating on the technology company’s stock.

Several other equities research analysts have also commented on VRNS. Piper Sandler decreased their price objective on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $67.00 target price on shares of Varonis Systems in a research report on Wednesday, February 5th. StockNews.com raised shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Citigroup lowered their price objective on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.38.

Varonis Systems Stock Performance

Shares of VRNS opened at $42.26 on Tuesday. Varonis Systems has a 12 month low of $39.11 and a 12 month high of $60.58. The firm has a market cap of $4.76 billion, a PE ratio of -49.14 and a beta of 0.85. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average price of $43.18 and a 200-day moving average price of $48.90.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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 repurchase plan on Monday, February 10th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Varonis Systems

Large investors have recently bought and sold shares of the company. Quarry LP bought a new position in Varonis Systems in the fourth quarter valued at about $36,000. Johnson Financial Group Inc. bought a new position in Varonis Systems in the fourth quarter valued at about $61,000. Transce3nd LLC bought a new position in Varonis Systems in the fourth quarter valued at about $62,000. New Age Alpha Advisors LLC bought a new position in Varonis Systems in the fourth quarter valued at about $70,000. Finally, Pacer Advisors Inc. raised its position in Varonis Systems by 29.5% in the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock valued at $118,000 after purchasing an additional 603 shares during the last quarter. 95.65% of the stock is currently owned by 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.