Citigroup Has Lowered Expectations for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its price objective decreased by Citigroup from $57.00 to $46.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 4.10% from the company’s current price.

A number of other brokerages have also recently weighed in on VRNS. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of Varonis Systems in a research note on Wednesday, October 30th. Robert W. Baird increased their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald started coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective on the stock. Piper Sandler decreased their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their price target on Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.44.

Varonis Systems Stock Down 3.7 %

Shares of NASDAQ:VRNS opened at $44.19 on Friday. The firm has a 50 day simple moving average of $47.57 and a 200-day simple moving average of $51.60. Varonis Systems has a twelve month low of $41.13 and a twelve month high of $60.58. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $4.97 billion, a PE ratio of -58.92 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $148.07 million during the quarter, compared to analysts’ expectations of $141.62 million. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. Varonis Systems’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.22) earnings per share. On average, equities analysts predict that Varonis Systems will post -0.7 EPS for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the sale, the chief financial officer now directly owns 504,598 shares in the company, valued at approximately $27,096,912.60. The trade was a 15.33 % 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. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position in Varonis Systems by 445.3% during the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after acquiring an additional 423 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,442 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Varonis Systems in the 3rd quarter valued at approximately $184,000. KBC Group NV grew its holdings in Varonis Systems by 25.5% during the 3rd 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 during the last quarter. Finally, Atom Investors LP acquired a new position in shares of Varonis Systems in the third quarter worth $224,000. 95.65% of the stock is currently owned by hedge funds and other 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.