Varonis Systems, Inc. (NASDAQ:VRNS) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) have been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $59.38.

Several analysts have recently commented on VRNS shares. Cantor Fitzgerald started coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Varonis Systems in a report on Wednesday, October 30th. Piper Sandler dropped their price objective 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. Wells Fargo & Company dropped their price objective on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. Finally, Robert W. Baird upped their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd.

Varonis Systems Trading Down 1.5 %

NASDAQ VRNS opened at $43.55 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. The firm has a market cap of $4.90 billion, a PE ratio of -50.64 and a beta of 0.83. The company has a 50 day moving average price of $44.71 and a 200 day moving average price of $50.81. Varonis Systems has a 52 week low of $39.62 and a 52 week high of $60.58.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. As a group, sell-side analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Varonis Systems declared that its board has initiated a stock buyback plan on Monday, February 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRNS. Norges Bank purchased a new position in Varonis Systems during the fourth quarter valued at $56,561,000. Groupama Asset Managment purchased a new position in Varonis Systems during the fourth quarter valued at $55,538,000. Assenagon Asset Management S.A. lifted its holdings in Varonis Systems by 761.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock valued at $50,026,000 after purchasing an additional 995,274 shares in the last quarter. Deutsche Bank AG lifted its holdings in Varonis Systems by 97.7% during the fourth quarter. Deutsche Bank AG now owns 1,338,452 shares of the technology company’s stock valued at $59,467,000 after purchasing an additional 661,436 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Varonis Systems by 64.5% during the fourth quarter. Two Sigma Advisers LP now owns 1,380,200 shares of the technology company’s stock valued at $61,322,000 after purchasing an additional 541,000 shares in the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

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.