Varonis Systems (NASDAQ:VRNS) Raised to Outperform at Wolfe Research

Varonis Systems (NASDAQ:VRNS) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Friday, MarketBeat.com reports. The brokerage currently has a $50.00 price objective on the technology company’s stock. Wolfe Research’s price objective would suggest a potential upside of 20.08% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. Wells Fargo & Company dropped their price target on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. Morgan Stanley started coverage on Varonis Systems in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. DA Davidson reduced their target price 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. Finally, StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.82.

Varonis Systems Price Performance

VRNS stock opened at $41.64 on Friday. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of -48.42 and a beta of 0.85. The firm’s 50-day moving average price is $42.71 and its two-hundred day moving average price is $48.33. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. Varonis Systems has a 12-month low of $39.11 and a 12-month high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results 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%. As a group, equities analysts predict that Varonis Systems will post -0.83 earnings per share for the current year.

Varonis Systems announced that its Board of Directors has approved a stock buyback plan on Monday, February 10th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. 111 Capital purchased a new position in Varonis Systems in the 4th quarter worth approximately $261,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Varonis Systems during the fourth quarter worth $207,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Varonis Systems during the fourth quarter valued at $6,848,000. Virtue Capital Management LLC increased its holdings in Varonis Systems by 6.5% in the 4th quarter. Virtue Capital Management LLC now owns 17,320 shares of the technology company’s stock valued at $770,000 after acquiring an additional 1,056 shares during the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. lifted its stake in Varonis Systems by 0.3% in the 4th quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 395,820 shares of the technology company’s stock worth $17,586,000 after purchasing an additional 1,073 shares in the last quarter. 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.