Wells Fargo & Company Lowers Varonis Systems (NASDAQ:VRNS) Price Target to $46.00

Varonis Systems (NASDAQ:VRNS) had its price target cut by research analysts at Wells Fargo & Company from $48.00 to $46.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 14.97% from the stock’s previous close.

VRNS has been the topic of several other reports. Jefferies Financial Group reduced their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, December 19th. Piper Sandler decreased their price target on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They set an “overweight” rating and a $60.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, DA Davidson cut their price target on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, December 12th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Varonis Systems presently has a consensus rating of “Moderate Buy” and an average price target of $59.38.

Varonis Systems Trading Down 7.7 %

Shares of Varonis Systems stock opened at $40.01 on Wednesday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems has a 12-month low of $40.00 and a 12-month high of $60.58. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -53.35 and a beta of 0.83. The firm’s 50-day moving average price is $46.06 and its two-hundred day moving average price is $51.31.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. On average, analysts forecast that Varonis Systems will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Guy Melamed sold 91,345 shares of the business’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 transaction of $4,905,226.50. Following the completion of the sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Varonis Systems

Hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its stake in shares of Varonis Systems by 445.3% in the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after buying an additional 423 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after acquiring an additional 603 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Varonis Systems by 5,550.0% in the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after acquiring an additional 2,442 shares during the last quarter. KBC Group NV lifted its position in Varonis Systems by 25.5% in the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after acquiring an additional 663 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems during the 3rd quarter valued at about $184,000. 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.