Varonis Systems (NASDAQ:VRNS) Reaches New 52-Week Low Following Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS)’s share price hit a new 52-week low during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $48.00 to $46.00. Wells Fargo & Company currently has an equal weight rating on the stock. Varonis Systems traded as low as $41.07 and last traded at $43.37, with a volume of 8381550 shares changing hands. The stock had previously closed at $46.84.

VRNS has been the topic of several other research reports. Jefferies Financial Group dropped their price objective on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, December 19th. JPMorgan Chase & Co. boosted their price target on Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Citigroup reduced their price objective on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and issued a $67.00 target price on shares of Varonis Systems in a report on Wednesday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $65.00 price target on shares of Varonis Systems in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and an average target price of $59.12.

Insiders Place Their Bets

In other news, CFO Guy Melamed sold 91,345 shares of the business’s stock in a transaction on 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 owns 504,598 shares of the company’s stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its position in Varonis Systems by 445.3% in the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after buying an additional 423 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of 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 valued at $140,000 after acquiring an additional 2,442 shares during the period. Pacer Advisors Inc. increased its holdings in Varonis Systems by 29.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after acquiring an additional 603 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Varonis Systems during the 3rd quarter worth approximately $184,000. Finally, KBC Group NV lifted its holdings in Varonis Systems by 25.5% during the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after purchasing an additional 663 shares in the last quarter. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Varonis Systems Trading Down 7.4 %

The stock’s 50-day simple moving average is $46.19 and its two-hundred day simple moving average is $51.36. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.81 and a quick ratio of 1.81. The firm has a market capitalization of $4.88 billion, a P/E ratio of -57.83 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. Equities research analysts expect that Varonis Systems, Inc. will post -0.7 EPS for the current year.

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.