Varonis Systems (NASDAQ:VRNS) Hits New 12-Month Low Following Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS) shares reached a new 52-week low during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $48.00 to $46.00. Wells Fargo & Company currently has an equal weight rating on the stock. Varonis Systems traded as low as $41.07 and last traded at $43.37, with a volume of 8381550 shares traded. The stock had previously closed at $46.84.

Several other equities research analysts have also issued reports on the company. Robert W. Baird lifted their price target on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Citigroup cut their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. DA Davidson cut their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th. UBS Group upped their price target on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 target price on shares of Varonis Systems in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.12.

Insider Transactions at Varonis Systems

In other news, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. This trade represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Institutional investors have recently bought and sold shares of the company. Virtue Capital Management LLC boosted its holdings in Varonis Systems by 2.3% in the 3rd quarter. Virtue Capital Management LLC now owns 16,264 shares of the technology company’s stock worth $919,000 after buying an additional 364 shares during the period. Bailard Inc. grew its position in shares of Varonis Systems by 0.4% in the fourth quarter. Bailard Inc. now owns 93,627 shares of the technology company’s stock valued at $4,160,000 after purchasing an additional 417 shares in the last quarter. Farther Finance Advisors LLC raised 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 valued at $29,000 after purchasing an additional 423 shares during the period. Pacer Advisors Inc. raised its stake in shares of Varonis Systems by 29.5% during the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock valued at $118,000 after purchasing an additional 603 shares during the period. Finally, KBC Group NV lifted 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 worth $184,000 after purchasing an additional 663 shares in the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.

Varonis Systems Stock Down 7.4 %

The firm has a market cap of $4.88 billion, a PE ratio of -57.83 and a beta of 0.83. 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 stock has a fifty day simple moving average of $46.19 and a two-hundred day simple moving average of $51.36.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. As a group, sell-side analysts expect that Varonis Systems, Inc. will post -0.7 EPS for the current fiscal year.

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.