Morgan Stanley Issues Pessimistic Forecast for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its target price dropped by analysts at Morgan Stanley from $54.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 13.89% from the stock’s current price.

A number of other equities analysts also recently commented on VRNS. Jefferies Financial Group dropped their target price on shares of Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Piper Sandler reduced their price objective on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Barclays decreased their target price on Varonis Systems from $60.00 to $52.00 and set an “overweight” rating for the company in a research report on Monday. Wolfe Research raised Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Friday, March 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Varonis Systems Trading Down 1.1 %

VRNS opened at $40.39 on Wednesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The stock’s 50 day moving average price is $41.46 and its 200-day moving average price is $46.80. Varonis Systems has a one year low of $36.53 and a one year high of $60.58. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of -46.96 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) 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%. On average, equities analysts forecast that Varonis Systems will post -0.83 EPS for the current year.

Varonis Systems declared that its Board of Directors has initiated a stock buyback plan on Monday, February 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Varonis Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its holdings in shares of Varonis Systems by 28.1% during the first quarter. Exchange Traded Concepts LLC now owns 62,030 shares of the technology company’s stock valued at $2,509,000 after acquiring an additional 13,611 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Varonis Systems by 43.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,681 shares of the technology company’s stock valued at $270,000 after purchasing an additional 2,031 shares in the last quarter. Pallas Capital Advisors LLC purchased a new position in shares of Varonis Systems in the first quarter worth $255,000. NBC Securities Inc. raised its holdings in shares of Varonis Systems by 100,200.0% in the first quarter. NBC Securities Inc. now owns 2,006 shares of the technology company’s stock worth $81,000 after buying an additional 2,004 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Varonis Systems by 5.7% during the first quarter. Rhumbline Advisers now owns 173,984 shares of the technology company’s stock worth $7,038,000 after buying an additional 9,404 shares during the period. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

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.