Cantor Fitzgerald Begins Coverage on Varonis Systems (NASDAQ:VRNS)

Equities research analysts at Cantor Fitzgerald initiated coverage on shares of Varonis Systems (NASDAQ:VRNS) in a report released on Thursday, MarketBeat reports. The firm set an “overweight” rating and a $60.00 price target on the technology company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 34.23% from the stock’s current price.

VRNS has been the topic of a number of other reports. Jefferies Financial Group cut their price objective 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. DA Davidson dropped their price target on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. JPMorgan Chase & Co. increased their price objective on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 28th. UBS Group raised their price objective on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Piper Sandler cut their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.24.

Varonis Systems Stock Performance

VRNS opened at $44.70 on Thursday. The business’s 50 day moving average is $48.28 and its 200-day moving average is $51.60. The stock has a market cap of $5.03 billion, a PE ratio of -59.60 and a beta of 0.83. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems has a twelve month low of $41.13 and a twelve month high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its earnings results on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.07 by $0.03. The firm had revenue of $148.07 million for the quarter, compared to analysts’ expectations of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The firm’s revenue was up 21.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) EPS. On average, analysts predict that Varonis Systems will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Guy Melamed sold 91,345 shares of Varonis Systems stock in a transaction 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 transaction, the chief financial officer now owns 504,598 shares in the company, valued at approximately $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now directly owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

Several institutional investors have recently made changes to their positions in VRNS. Farther Finance Advisors LLC increased its position in Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after purchasing an additional 423 shares during the last quarter. International Assets Investment Management LLC grew its stake 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 valued at $140,000 after buying an additional 2,442 shares in the last quarter. KBC Group NV increased its holdings in Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after buying an additional 663 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Varonis Systems during the third quarter valued at approximately $184,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in Varonis Systems in the second quarter valued at approximately $215,000. 95.65% of the stock is currently owned by institutional investors and hedge funds.

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.