Varonis Systems (NASDAQ:VRNS) Stock Price Down 3.3% Following Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS)’s share price fell 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. 682,193 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,373,283 shares. The stock had previously closed at $45.88.

Several other equities analysts have also recently weighed in on VRNS. Barclays lifted their price target on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald initiated coverage on Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price objective on shares of Varonis Systems in a research note on Monday, January 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of Varonis Systems in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.44.

Insider Activity at Varonis Systems

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the completion of the sale, the chief financial officer now directly owns 504,598 shares in the company, valued at $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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. Assenagon Asset Management S.A. increased its stake in Varonis Systems by 761.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock worth $50,026,000 after purchasing an additional 995,274 shares during the period. WCM Investment Management LLC purchased a new position in shares of Varonis Systems in the third quarter worth $17,419,000. Squarepoint Ops LLC boosted its position in Varonis Systems by 167.9% during the 2nd quarter. Squarepoint Ops LLC now owns 453,503 shares of the technology company’s stock valued at $21,755,000 after buying an additional 284,236 shares during the period. Two Sigma Advisers LP grew its holdings in Varonis Systems by 46.7% in the 3rd quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company’s stock worth $47,415,000 after acquiring an additional 267,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Varonis Systems by 40.0% during the second quarter. The Manufacturers Life Insurance Company now owns 799,685 shares of the technology company’s stock valued at $38,361,000 after acquiring an additional 228,589 shares during the last quarter. Institutional investors own 95.65% of the company’s stock.

Varonis Systems Trading Down 3.7 %

The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $4.97 billion, a PE ratio of -58.92 and a beta of 0.83. The stock’s fifty day moving average price is $47.57 and its two-hundred day moving average price is $51.60.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $148.07 million for the quarter, compared to analyst estimates of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company earned ($0.22) EPS. Sell-side analysts anticipate that Varonis Systems, Inc. will post -0.7 earnings per share for the current 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.