Varonis Systems (NASDAQ:VRNS) Price Target Raised to $58.00

Varonis Systems (NASDAQ:VRNS) had its price objective upped by research analysts at Royal Bank of Canada from $56.00 to $58.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 29.20% from the company’s current price.

VRNS has been the subject of several other reports. Wells Fargo & Company increased their price target on shares of Varonis Systems from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 6th. Robert W. Baird increased their price target on shares of Varonis Systems from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday. JMP Securities reissued a “market outperform” rating and set a $63.00 price objective on shares of Varonis Systems in a report on Monday, February 5th. Truist Financial reaffirmed a “buy” rating and issued a $55.00 target price (up from $50.00) on shares of Varonis Systems in a report on Wednesday, March 13th. Finally, JPMorgan Chase & Co. boosted their price target on Varonis Systems from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 6th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.06.

Varonis Systems Stock Performance

Shares of VRNS stock traded up $0.30 during trading hours on Tuesday, hitting $44.89. The stock had a trading volume of 824,343 shares, compared to its average volume of 1,166,476. The stock’s 50 day moving average is $46.97 and its 200 day moving average is $44.23. The firm has a market capitalization of $5.01 billion, a PE ratio of -48.40 and a beta of 0.84. Varonis Systems has a twelve month low of $22.87 and a twelve month high of $52.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. The company had revenue of $154.10 million for the quarter, compared to the consensus estimate of $151.64 million. Varonis Systems had a negative net margin of 20.22% and a negative return on equity of 20.04%. As a group, research analysts forecast that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP David Bass sold 116,325 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the completion of the transaction, the executive vice president now owns 650,972 shares of the company’s stock, valued at approximately $32,756,911.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP David Bass sold 116,325 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the completion of the sale, the executive vice president now directly owns 650,972 shares of the company’s stock, valued at approximately $32,756,911.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gili Iohan sold 19,500 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total value of $985,530.00. Following the completion of the transaction, the director now directly owns 19,263 shares in the company, valued at $973,552.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 372,419 shares of company stock valued at $18,571,413. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

A number of large investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC acquired a new position in shares of Varonis Systems in the 3rd quarter valued at approximately $36,317,000. Norges Bank acquired a new position in Varonis Systems during the 4th quarter worth $50,723,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Varonis Systems by 126.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares during the last quarter. Cadian Capital Management LP raised its stake in shares of Varonis Systems by 34.6% in the 3rd quarter. Cadian Capital Management LP now owns 3,574,334 shares of the technology company’s stock valued at $109,160,000 after purchasing an additional 919,334 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Varonis Systems by 121.3% during the first quarter. Principal Financial Group Inc. now owns 1,503,683 shares of the technology company’s stock worth $70,929,000 after purchasing an additional 824,163 shares during the last quarter. 95.65% of the stock is 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.