Varonis Systems (NASDAQ:VRNS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued to investors on Monday morning,Benzinga reports. Needham & Company LLC currently has a $67.00 price objective on the technology company’s stock.

Several other research firms have also issued reports on VRNS. UBS Group lifted their target price on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. DA Davidson cut their price objective on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Piper Sandler boosted their price objective on shares of Varonis Systems from $48.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Robert W. Baird raised their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price objective on shares of Varonis Systems in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.35.

Varonis Systems Price Performance

Shares of VRNS opened at $45.13 on Monday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81. The company has a 50 day moving average price of $48.98 and a 200-day moving average price of $51.69. Varonis Systems has a fifty-two week low of $41.13 and a fifty-two week high of $60.58. The stock has a market capitalization of $5.08 billion, a PE ratio of -60.17 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company had revenue of $148.07 million during the quarter, compared to analyst estimates of $141.62 million. During the same quarter in the prior year, the business earned ($0.22) earnings per share. Varonis Systems’s revenue was up 21.1% on a year-over-year basis. Equities analysts predict that Varonis Systems will post -0.73 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total value of $4,905,226.50. Following the completion of the transaction, the chief financial officer now owns 504,598 shares of the company’s stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman James O’boyle sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its stake in shares of Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after purchasing an additional 423 shares during the period. International Assets Investment Management LLC grew its position in Varonis Systems by 5,550.0% during the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after buying an additional 2,442 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Varonis Systems in the third quarter valued at $184,000. KBC Group NV increased its holdings in Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after buying an additional 663 shares in the last quarter. Finally, Atom Investors LP acquired a new position in shares of Varonis Systems in the third quarter worth about $224,000. 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.