Varonis Systems (NASDAQ:VRNS) Sets New 1-Year High – Time to Buy?

Varonis Systems, Inc. (NASDAQ:VRNS) hit a new 52-week high during trading on Wednesday . The company traded as high as $58.33 and last traded at $58.09, with a volume of 360569 shares changing hands. The stock had previously closed at $56.55.

Analyst Ratings Changes

A number of brokerages have commented on VRNS. Royal Bank of Canada upped their price objective on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Piper Sandler upped their price objective on Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Truist Financial reaffirmed a “buy” rating and issued a $60.00 price objective (up from $55.00) on shares of Varonis Systems in a report on Tuesday, July 30th. TD Cowen increased their target price on Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised Varonis Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $54.00 in a report on Friday, June 14th. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.67.

Varonis Systems Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44. The stock has a market capitalization of $6.45 billion, a P/E ratio of -60.16 and a beta of 0.82. The firm has a 50-day simple moving average of $54.83 and a 200 day simple moving average of $48.72.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.07. The firm had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned ($0.35) earnings per share. On average, equities research analysts forecast that Varonis Systems, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling at Varonis Systems

In other news, Vice Chairman James O’boyle sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the completion of the transaction, the insider now directly owns 494,114 shares in the company, valued at $25,219,578.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

A number of hedge funds have recently added to or reduced their stakes in VRNS. Teachers Retirement System of The State of Kentucky acquired a new stake in Varonis Systems in the fourth quarter valued at approximately $7,591,000. Virtu Financial LLC bought a new position in shares of Varonis Systems in the fourth quarter valued at approximately $232,000. Goldman Sachs Group Inc. lifted its holdings in shares of Varonis Systems by 8.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,328,250 shares of the technology company’s stock valued at $60,143,000 after purchasing an additional 104,171 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Varonis Systems by 51.5% in the fourth quarter. Wellington Management Group LLP now owns 722,337 shares of the technology company’s stock valued at $32,707,000 after purchasing an additional 245,476 shares in the last quarter. Finally, NBC Securities Inc. bought a new position in shares of Varonis Systems in the first quarter valued at approximately $68,000. Institutional investors and hedge funds own 95.65% of the company’s stock.

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.