Varonis Systems (NASDAQ:VRNS) Receives Buy Rating from Needham & Company LLC

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $67.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 50.29% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. DA Davidson cut their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $65.00 price objective on shares of Varonis Systems in a research report on Wednesday, October 30th. Barclays boosted their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 7th. UBS Group raised their price target on shares of Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Robert W. Baird upped their price objective on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.65.

Varonis Systems Stock Performance

VRNS opened at $44.58 on Monday. Varonis Systems has a twelve month low of $41.13 and a twelve month high of $60.58. The firm has a market capitalization of $5.01 billion, a PE ratio of -59.44 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. The firm’s 50-day moving average price is $49.23 and its 200 day moving average price is $51.62.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $148.07 million for the quarter, compared to analysts’ expectations of $141.62 million. During the same period in the previous year, the firm posted ($0.22) EPS. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, sell-side analysts expect that Varonis Systems will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were 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. This trade represents a 15.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the transaction, the insider now owns 444,114 shares of the company’s stock, valued at $26,540,252.64. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Varonis Systems

A number of hedge funds and other institutional investors have recently modified their holdings of VRNS. Farther Finance Advisors LLC grew its stake in shares of Varonis Systems by 445.3% during the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after purchasing an additional 423 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after buying an additional 2,442 shares during the last quarter. KBC Group NV boosted its position in shares of Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock worth $184,000 after acquiring an additional 663 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Varonis Systems during the 3rd quarter worth about $184,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of Varonis Systems in the 2nd quarter valued at about $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.