JPMorgan Chase & Co. Issues Positive Forecast for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its price objective lifted by JPMorgan Chase & Co. from $70.00 to $79.00 in a research report sent to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

Several other research analysts have also weighed in on VRNS. Susquehanna boosted their price target on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Wednesday, July 30th. Jefferies Financial Group raised Varonis Systems from a “hold” rating to a “buy” rating and boosted their price target for the stock from $50.00 to $65.00 in a research report on Thursday, July 24th. UBS Group boosted their price target on Varonis Systems from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Cantor Fitzgerald boosted their price target on Varonis Systems from $63.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Barclays boosted their price target on Varonis Systems from $62.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Varonis Systems presently has a consensus rating of “Moderate Buy” and an average price target of $65.44.

Varonis Systems Stock Up 0.6%

Shares of Varonis Systems stock opened at $62.68 on Monday. The business’s 50 day simple moving average is $59.05 and its 200 day simple moving average is $52.45. Varonis Systems has a 52-week low of $36.53 and a 52-week high of $63.90. The firm has a market cap of $7.02 billion, a PE ratio of -68.13 and a beta of 0.64. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.38 and a current ratio of 1.38.

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

Insider Buying and Selling

In related news, CFO Guy Melamed sold 51,889 shares of the business’s stock in a transaction that occurred on 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 directly owned 470,602 shares of the company’s stock, valued at approximately $25,930,170.20. The trade was a 9.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Den Bosch Fred Van sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $55.08, for a total value of $165,240.00. Following the transaction, the director directly owned 128,666 shares in the company, valued at $7,086,923.28. The trade was a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,386 shares of company stock worth $6,429,405 over the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake in Varonis Systems by 26.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,084,830 shares of the technology company’s stock valued at $165,231,000 after purchasing an additional 848,408 shares during the period. First Trust Advisors LP boosted its stake in Varonis Systems by 5.5% in the 2nd quarter. First Trust Advisors LP now owns 2,917,391 shares of the technology company’s stock valued at $148,058,000 after purchasing an additional 152,477 shares during the period. RGM Capital LLC boosted its stake in Varonis Systems by 45.5% in the 1st quarter. RGM Capital LLC now owns 2,706,531 shares of the technology company’s stock valued at $109,479,000 after purchasing an additional 846,475 shares during the period. Geode Capital Management LLC boosted its stake in Varonis Systems by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,670,343 shares of the technology company’s stock valued at $135,537,000 after purchasing an additional 7,342 shares during the period. Finally, Voya Investment Management LLC boosted its stake in Varonis Systems by 98.6% in the 1st quarter. Voya Investment Management LLC now owns 2,321,317 shares of the technology company’s stock valued at $93,897,000 after purchasing an additional 1,152,687 shares during the period. 95.65% of the stock is owned by institutional investors and hedge funds.

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.