Varonis Systems (NASDAQ:VRNS) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Varonis Systems (NASDAQ:VRNS) in a research note published on Tuesday. The firm issued an overweight rating on the technology company’s stock.

A number of other research analysts have also recently commented on VRNS. Piper Sandler reduced their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. DA Davidson reduced their price objective on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $67.00 price objective on shares of Varonis Systems in a report on Wednesday, February 5th. Cantor Fitzgerald assumed coverage on Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 target price for the company. Finally, Jefferies Financial Group decreased their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating, twelve 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 has a consensus rating of “Moderate Buy” and an average target price of $59.38.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $41.51 on Tuesday. The stock’s 50-day simple moving average is $43.22 and its two-hundred day simple moving average is $48.95. Varonis Systems has a twelve month low of $39.11 and a twelve month high of $60.58. The firm has a market capitalization of $4.67 billion, a P/E ratio of -48.27 and a beta of 0.85. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99.

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

Varonis Systems announced that its board has authorized a stock repurchase program on Monday, February 10th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Varonis Systems

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Varonis Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,246,769 shares of the technology company’s stock valued at $544,124,000 after acquiring an additional 193,210 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Varonis Systems by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company’s stock valued at $147,801,000 after purchasing an additional 29,050 shares in the last quarter. First Trust Advisors LP increased its position in shares of Varonis Systems by 4.8% during the fourth quarter. First Trust Advisors LP now owns 2,501,581 shares of the technology company’s stock valued at $111,145,000 after buying an additional 113,573 shares during the period. William Blair Investment Management LLC raised its stake in Varonis Systems by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 2,290,114 shares of the technology company’s stock worth $101,750,000 after buying an additional 52,971 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in Varonis Systems by 1.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,287,544 shares of the technology company’s stock worth $101,636,000 after buying an additional 29,852 shares during the period. 95.65% of the stock is 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.