Varonis Systems (NASDAQ:VRNS) Given New $62.00 Price Target at Robert W. Baird

Varonis Systems (NASDAQ:VRNS) had its price objective upped by Robert W. Baird from $60.00 to $62.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

Several other brokerages also recently weighed in on VRNS. Piper Sandler lifted their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Barclays increased their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Wells Fargo & Company lifted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. TD Cowen boosted their price objective on Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Susquehanna raised their price objective on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Varonis Systems currently has an average rating of “Moderate Buy” and an average target price of $57.63.

Varonis Systems Stock Performance

NASDAQ VRNS opened at $56.86 on Wednesday. The stock’s 50 day simple moving average is $56.11 and its 200-day simple moving average is $49.76. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44. The company has a market cap of $6.34 billion, a PE ratio of -60.49 and a beta of 0.82. Varonis Systems has a 1-year low of $30.89 and a 1-year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The company had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. During the same period in the prior year, the business earned ($0.35) EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts anticipate that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Vice Chairman James O’boyle sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total value of $3,828,000.00. Following the transaction, the insider now owns 494,114 shares in the company, valued at approximately $25,219,578.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Varonis Systems

Several large investors have recently added to or reduced their stakes in VRNS. Mirae Asset Global Investments Co. Ltd. increased its position in Varonis Systems by 126.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after buying an additional 1,070,821 shares during the period. BNP Paribas Financial Markets increased its position in Varonis Systems by 4.7% in the 1st quarter. BNP Paribas Financial Markets now owns 116,143 shares of the technology company’s stock valued at $5,478,000 after acquiring an additional 5,187 shares during the period. Fidelis Capital Partners LLC bought a new stake in Varonis Systems during the 1st quarter valued at $63,000. Mutual of America Capital Management LLC boosted its position in Varonis Systems by 6.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 89,556 shares of the technology company’s stock worth $4,224,000 after acquiring an additional 5,532 shares during the period. Finally, Jennison Associates LLC grew its stake in shares of Varonis Systems by 0.5% in the first quarter. Jennison Associates LLC now owns 782,658 shares of the technology company’s stock worth $36,918,000 after purchasing an additional 3,742 shares in the last quarter. 95.65% of the stock is currently owned by 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.