Citigroup Issues Positive Forecast for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its target price hoisted by Citigroup from $51.00 to $58.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of Varonis Systems from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, April 28th. DA Davidson increased their target price on shares of Varonis Systems from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, July 30th. Susquehanna increased their target price on shares of Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a report on Wednesday, July 30th. UBS Group increased their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Finally, Barclays increased their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.25.

Varonis Systems Stock Performance

VRNS opened at $58.49 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.32. The company’s fifty day moving average price is $52.36 and its two-hundred day moving average price is $46.39. Varonis Systems has a 1-year low of $36.53 and a 1-year high of $60.58. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -63.58 and a beta of 0.71.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. Varonis Systems had a negative net margin of 17.30% and a negative return on equity of 23.06%. The firm had revenue of $152.16 million for the quarter, compared to the consensus estimate of $147.80 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis. On average, analysts expect that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Transactions at Varonis Systems

In other Varonis Systems news, Director Den Bosch Fred Van sold 6,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director owned 131,666 shares in the company, valued at $6,583,300. This trade represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Guy Melamed sold 51,889 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $55.10, for a total transaction of $2,859,083.90. Following the transaction, the chief financial officer owned 470,602 shares of the company’s stock, valued at $25,930,170.20. This represents a 9.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,594 shares of company stock valued at $5,789,257 in the last quarter. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Large investors have recently modified their holdings of the company. Brown Advisory Inc. bought a new position in shares of Varonis Systems in the first quarter valued at approximately $346,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Varonis Systems by 18.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,465 shares of the technology company’s stock valued at $352,000 after acquiring an additional 1,323 shares during the period. Stephens Investment Management Group LLC boosted its position in shares of Varonis Systems by 14.7% in the first quarter. Stephens Investment Management Group LLC now owns 1,604,558 shares of the technology company’s stock valued at $64,904,000 after acquiring an additional 205,781 shares during the period. Penserra Capital Management LLC boosted its position in shares of Varonis Systems by 52.2% in the first quarter. Penserra Capital Management LLC now owns 1,542,071 shares of the technology company’s stock valued at $62,376,000 after acquiring an additional 529,182 shares during the period. Finally, Legacy Advisors LLC boosted its position in shares of Varonis Systems by 164.5% in the first quarter. Legacy Advisors LLC now owns 21,090 shares of the technology company’s stock valued at $853,000 after acquiring an additional 13,115 shares during the period. 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.