DA Davidson Comments on Varonis Systems, Inc.’s FY2023 Earnings (NASDAQ:VRNS)

Varonis Systems, Inc. (NASDAQ:VRNS) – Analysts at DA Davidson raised their FY2023 earnings estimates for Varonis Systems in a research report issued on Tuesday, October 31st. DA Davidson analyst R. Kessinger now expects that the technology company will post earnings per share of ($0.83) for the year, up from their prior forecast of ($0.98). DA Davidson currently has a “Buy” rating and a $35.00 target price on the stock. The consensus estimate for Varonis Systems’ current full-year earnings is ($0.97) per share. DA Davidson also issued estimates for Varonis Systems’ Q4 2023 earnings at ($0.06) EPS and FY2024 earnings at ($0.85) EPS.

Several other research analysts have also issued reports on the stock. TD Cowen increased their price target on shares of Varonis Systems from $35.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Stephens upped their price objective on shares of Varonis Systems from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday. Piper Sandler upped their price target on shares of Varonis Systems from $25.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 1st. Royal Bank of Canada increased their price target on shares of Varonis Systems from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Finally, Morgan Stanley raised Varonis Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $34.00 to $39.00 in a report on Monday, October 16th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.94.

Varonis Systems Stock Down 0.7 %

VRNS stock opened at $33.34 on Thursday. The business’s 50-day simple moving average is $31.38 and its 200 day simple moving average is $28.14. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.66 billion, a PE ratio of -33.01 and a beta of 0.78. Varonis Systems has a twelve month low of $15.61 and a twelve month high of $34.61.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, July 31st. The technology company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.08). Varonis Systems had a negative net margin of 22.71% and a negative return on equity of 21.82%. The business had revenue of $115.42 million during the quarter, compared to the consensus estimate of $119.21 million.

Hedge Funds Weigh In On Varonis Systems

Several hedge funds have recently bought and sold shares of the company. California Public Employees Retirement System raised its position in Varonis Systems by 11.2% in the third quarter. California Public Employees Retirement System now owns 199,139 shares of the technology company’s stock valued at $6,082,000 after purchasing an additional 20,058 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Varonis Systems by 4.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 8,502 shares of the technology company’s stock worth $260,000 after buying an additional 356 shares during the period. Y.D. More Investments Ltd increased its position in Varonis Systems by 9.6% in the 3rd quarter. Y.D. More Investments Ltd now owns 15,356 shares of the technology company’s stock valued at $485,000 after acquiring an additional 1,341 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Varonis Systems during the third quarter worth $5,757,000. Finally, Emerald Mutual Fund Advisers Trust increased its stake in shares of Varonis Systems by 7.0% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 783,539 shares of the technology company’s stock valued at $23,929,000 after buying an additional 51,076 shares during the period. 92.47% of the stock is owned by institutional investors.

Insider Activity at Varonis Systems

In related news, EVP David Bass sold 34,000 shares of Varonis Systems stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $29.51, for a total transaction of $1,003,340.00. Following the completion of the sale, the executive vice president now directly owns 650,756 shares of the company’s stock, valued at approximately $19,203,809.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by company insiders.

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; strategic and product plans; and other intellectual property.