Varonis Systems (NASDAQ:VRNS) Price Target Raised to $65.00

Varonis Systems (NASDAQ:VRNS) had its price target hoisted by equities researchers at Royal Bank of Canada from $58.00 to $65.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 19.38% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Robert W. Baird raised Varonis Systems from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $52.00 to $60.00 in a report on Tuesday. Piper Sandler raised their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday. Wells Fargo & Company increased their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday. 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 note on Tuesday. Finally, JPMorgan Chase & Co. raised Varonis Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $50.00 to $54.00 in a report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.13.

Varonis Systems Stock Up 12.3 %

Shares of Varonis Systems stock traded up $5.96 during trading hours on Tuesday, hitting $54.45. The company had a trading volume of 2,466,050 shares, compared to its average volume of 1,236,751. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The company’s 50-day moving average is $45.47 and its two-hundred day moving average is $46.34. The company has a market cap of $6.07 billion, a P/E ratio of -57.93 and a beta of 0.82. Varonis Systems has a twelve month low of $28.15 and a twelve month high of $56.68.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. The business had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. During the same period in the prior year, the company earned ($0.35) earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. Analysts anticipate that Varonis Systems will post -0.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors have recently bought and sold shares of VRNS. Quadrant Capital Group LLC raised its position in shares of Varonis Systems by 87.2% during the 4th quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock worth $42,000 after buying an additional 429 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Varonis Systems during the first quarter worth approximately $63,000. NBC Securities Inc. acquired a new stake in Varonis Systems in the first quarter worth approximately $68,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Varonis Systems during the 4th quarter valued at $77,000. Finally, International Assets Investment Management LLC raised its stake in shares of Varonis Systems by 1,779.2% in the 4th quarter. International Assets Investment Management LLC now owns 1,992 shares of the technology company’s stock worth $90,000 after buying an additional 1,886 shares in the last quarter. Institutional investors and hedge funds own 95.65% 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.