Varonis Systems (NASDAQ:VRNS) Raised to Outperform at Wolfe Research

Varonis Systems (NASDAQ:VRNS) was upgraded by stock analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Friday, MarketBeat.com reports. The firm currently has a $50.00 target price on the technology company’s stock. Wolfe Research’s price objective points to a potential upside of 20.08% from the stock’s previous close.

VRNS has been the subject of a number of other reports. 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. Morgan Stanley initiated coverage on shares of Varonis Systems in a research note on Tuesday, March 18th. They issued an “overweight” rating on the stock. Needham & Company LLC reissued a “buy” rating and set a $67.00 target price on shares of Varonis Systems in a research report on Wednesday, February 5th. Cantor Fitzgerald started coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Piper Sandler dropped their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.82.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $41.64 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. Varonis Systems has a fifty-two week low of $39.11 and a fifty-two week high of $60.58. The company has a 50 day simple moving average of $42.71 and a two-hundred day simple moving average of $48.33. The company has a market capitalization of $4.69 billion, a PE ratio of -48.42 and a beta of 0.85.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) 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%. Research analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current year.

Varonis Systems announced that its Board of Directors has initiated a share buyback program on Monday, February 10th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Varonis Systems

Several institutional investors and hedge funds have recently modified their holdings of VRNS. Quarry LP bought a new stake in shares of Varonis Systems during the 4th quarter worth $36,000. Johnson Financial Group Inc. bought a new position in shares of Varonis Systems during the 4th quarter valued at about $61,000. Transce3nd LLC purchased a new position in shares of Varonis Systems during the 4th quarter valued at about $62,000. New Age Alpha Advisors LLC bought a new stake in Varonis Systems in the 4th quarter worth approximately $70,000. Finally, Pacer Advisors Inc. boosted its stake in Varonis Systems by 29.5% in the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after buying an additional 603 shares in the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.

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.