Royal Bank of Canada Reaffirms “Outperform” Rating for Varonis Systems (NASDAQ:VRNS)

Varonis Systems (NASDAQ:VRNS)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the technology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 29.05% from the stock’s previous close.

A number of other analysts also recently commented on VRNS. Piper Sandler upped their target price on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Wells Fargo & Company increased their price target on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Baird R W upgraded Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 30th. Wedbush reiterated an “outperform” rating and set a $67.00 price target on shares of Varonis Systems in a research report on Monday, August 26th. Finally, Barclays increased their price target on Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.75.

Varonis Systems Trading Down 4.0 %

VRNS opened at $50.37 on Wednesday. Varonis Systems has a 12 month low of $31.56 and a 12 month high of $60.58. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of -53.59 and a beta of 0.82. The stock has a fifty day moving average price of $56.10 and a 200-day moving average price of $49.99.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The firm had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In related news, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 business. Vanguard Group Inc. increased its stake in Varonis Systems by 1.4% during the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock worth $530,978,000 after acquiring an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Varonis Systems by 4.6% during the second quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock worth $137,885,000 after acquiring an additional 127,129 shares during the last quarter. William Blair Investment Management LLC increased its stake in Varonis Systems by 1.1% during the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after acquiring an additional 23,231 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Varonis Systems by 126.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after acquiring an additional 1,070,821 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Varonis Systems by 9.0% during the third quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company’s stock worth $100,789,000 after acquiring an additional 147,081 shares during the last quarter. Institutional investors and hedge funds 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.