Varonis Systems (NASDAQ:VRNS) to Repurchase $100.00 million in Outstanding Shares

Varonis Systems (NASDAQ:VRNS) declared that its Board of Directors has initiated a share repurchase program on Monday, February 10th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Varonis Systems Price Performance

Shares of NASDAQ:VRNS opened at $43.02 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81. The business’s fifty day moving average price is $45.68 and its two-hundred day moving average price is $51.24. The stock has a market cap of $4.84 billion, a PE ratio of -50.02 and a beta of 0.83. Varonis Systems has a one year low of $39.62 and a one year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data 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 20.45%. On average, analysts forecast that Varonis Systems will post -0.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research report on Wednesday, February 5th. Citigroup decreased their price target on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Jefferies Financial Group cut their price objective on Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. boosted their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Cantor Fitzgerald started coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and an average price target of $59.38.

Insider Transactions at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 504,598 shares in the company, valued at approximately $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

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.