Varonis Systems (NASDAQ:VRNS) Price Target Increased to $58.00 by Analysts at Royal Bank of Canada

Varonis Systems (NASDAQ:VRNS) had its price target boosted by equities research analysts at Royal Bank of Canada from $56.00 to $58.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price points to a potential upside of 27.08% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. Robert W. Baird raised their target price on shares of Varonis Systems from $48.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wedbush raised Varonis Systems from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $35.00 to $65.00 in a research report on Tuesday, February 6th. JMP Securities reiterated a “market outperform” rating and set a $63.00 target price on shares of Varonis Systems in a research report on Monday, February 5th. Truist Financial reissued a “buy” rating and issued a $55.00 price target (up from $50.00) on shares of Varonis Systems in a research note on Wednesday, March 13th. Finally, Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Varonis Systems in a research note on Tuesday, February 6th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.06.

Varonis Systems Stock Up 1.4 %

VRNS opened at $45.64 on Tuesday. The business’s fifty day simple moving average is $46.75 and its 200 day simple moving average is $44.33. Varonis Systems has a 52 week low of $23.09 and a 52 week high of $52.88. The firm has a market cap of $5.09 billion, a P/E ratio of -49.61 and a beta of 0.84. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.51.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. The company had revenue of $154.10 million for the quarter, compared to analysts’ expectations of $151.64 million. Varonis Systems had a negative net margin of 20.22% and a negative return on equity of 20.04%. As a group, equities research analysts anticipate that Varonis Systems will post -0.96 EPS for the current fiscal year.

Insider Activity at Varonis Systems

In related news, Director Ofer Segev sold 5,000 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $52.13, for a total value of $260,650.00. Following the completion of the sale, the director now directly owns 75,682 shares in the company, valued at approximately $3,945,302.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Ofer Segev sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $52.13, for a total transaction of $260,650.00. Following the transaction, the director now directly owns 75,682 shares of the company’s stock, valued at approximately $3,945,302.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gili Iohan sold 19,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $50.54, for a total transaction of $985,530.00. Following the completion of the sale, the director now directly owns 19,263 shares of the company’s stock, valued at approximately $973,552.02. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Varonis Systems by 1.6% during the third quarter. Vanguard Group Inc. now owns 11,251,092 shares of the technology company’s stock valued at $343,608,000 after acquiring an additional 180,082 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Varonis Systems by 53.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 288,828 shares of the technology company’s stock valued at $13,078,000 after purchasing an additional 100,324 shares during the last quarter. Lisanti Capital Growth LLC acquired a new stake in Varonis Systems during the 3rd quarter valued at approximately $5,257,000. Lord Abbett & CO. LLC purchased a new stake in Varonis Systems during the 3rd quarter worth approximately $36,317,000. Finally, California Public Employees Retirement System raised its position in shares of Varonis Systems by 11.2% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.

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.