Varonis Systems (NASDAQ:VRNS) Shares Down 3.3% on Analyst Downgrade

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) dropped 3.3% on Friday after Citigroup lowered their price target on the stock from $57.00 to $46.00. Citigroup currently has a neutral rating on the stock. Varonis Systems traded as low as $44.35 and last traded at $44.39. Approximately 682,193 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,373,283 shares. The stock had previously closed at $45.88.

Several other research analysts also recently commented on VRNS. Piper Sandler dropped their target price 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. UBS Group lifted their price objective on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. DA Davidson dropped their price target 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research report on Monday, January 6th. Five research 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.44.

Insider Activity at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total value of $4,905,226.50. Following the sale, the chief financial officer now owns 504,598 shares of the company’s stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC grew its holdings in shares of Varonis Systems by 185.9% in the 4th quarter. Inspire Investing LLC now owns 20,884 shares of the technology company’s stock worth $928,000 after purchasing an additional 13,580 shares during the last quarter. SG Americas Securities LLC grew its stake in Varonis Systems by 301.4% during the fourth quarter. SG Americas Securities LLC now owns 20,116 shares of the technology company’s stock worth $894,000 after buying an additional 15,104 shares during the last quarter. AMI Asset Management Corp grew its stake in Varonis Systems by 91.7% during the fourth quarter. AMI Asset Management Corp now owns 16,456 shares of the technology company’s stock worth $731,000 after buying an additional 7,872 shares during the last quarter. Oak Ridge Investments LLC acquired a new stake in shares of Varonis Systems during the fourth quarter worth approximately $1,398,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Varonis Systems by 761.6% in 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 acquiring an additional 995,274 shares during the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

Varonis Systems Stock Down 3.7 %

The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of -58.92 and a beta of 0.83. The firm has a fifty day moving average price of $47.57 and a 200 day moving average price of $51.58. 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 (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. The business’s revenue was up 21.1% on a year-over-year basis. Sell-side analysts anticipate that Varonis Systems, Inc. will post -0.7 EPS for the current fiscal year.

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.