Varonis Systems (NASDAQ:VRNS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $61.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.86% from the stock’s previous close.
According to Zacks, “Varonis Systems Inc. provides an innovative software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Its products include DatAdvantage, DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnywhere. The company sells its products to small and medium businesses, and large multinational enterprises in financial services, consumer and retail, industrial, healthcare, and energy and utilities industries. Varonis Systems Inc. is headquartered in New York. “
Several other research firms have also commented on VRNS. Needham & Company LLC lifted their price target on shares of Varonis Systems from $52.00 to $65.00 and gave the company a “buy” rating in a research report on Friday. Stephens reaffirmed a “buy” rating and set a $58.00 price target on shares of Varonis Systems in a research report on Friday, January 12th. BidaskClub raised Varonis Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, January 10th. Benchmark reissued a “buy” rating and issued a $60.00 target price on shares of Varonis Systems in a research report on Friday, December 1st. Finally, Barclays reissued a “neutral” rating on shares of Varonis Systems in a research report on Tuesday, December 19th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $53.36.
Varonis Systems (NASDAQ:VRNS) traded down $1.60 during mid-day trading on Tuesday, hitting $52.65. 172,900 shares of the stock traded hands, compared to its average volume of 224,664. The stock has a market cap of $1,510.25, a price-to-earnings ratio of -90.77 and a beta of 0.80. Varonis Systems has a 1 year low of $25.20 and a 1 year high of $55.17.
Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.06 EPS for the quarter. The firm had revenue of $53.60 million for the quarter, compared to analyst estimates of $50.53 million. Varonis Systems had a negative net margin of 7.91% and a negative return on equity of 18.97%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) EPS. equities research analysts predict that Varonis Systems will post -0.53 earnings per share for the current fiscal year.
In other news, CFO Guy Melamed sold 5,355 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $48.00, for a total transaction of $257,040.00. Following the sale, the chief financial officer now owns 95,491 shares of the company’s stock, valued at $4,583,568. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Yakov Faitelson sold 63,807 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $50.35, for a total value of $3,212,682.45. Following the sale, the chief executive officer now directly owns 157,651 shares in the company, valued at approximately $7,937,727.85. The disclosure for this sale can be found here. In the last three months, insiders sold 287,384 shares of company stock worth $14,505,934. 19.50% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Legal & General Group Plc increased its position in shares of Varonis Systems by 39.6% during the second quarter. Legal & General Group Plc now owns 4,308 shares of the technology company’s stock worth $159,000 after acquiring an additional 1,223 shares during the period. Van ECK Associates Corp increased its position in shares of Varonis Systems by 5.9% during the second quarter. Van ECK Associates Corp now owns 5,291 shares of the technology company’s stock worth $197,000 after acquiring an additional 296 shares during the period. CAPROCK Group Inc. purchased a new stake in shares of Varonis Systems during the fourth quarter worth $220,000. Schmidt P J Investment Management Inc. purchased a new stake in shares of Varonis Systems during the third quarter worth $243,000. Finally, Symmetry Peak Management LLC purchased a new stake in shares of Varonis Systems during the second quarter worth $279,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.
About Varonis Systems
Varonis Systems, Inc provides a solutions that protect data from insider threats and cyberattacks. The Company’s products include DatAdvantage, DataPrivilege, Interface Data Unit Classification Framework, Data Transport Engine, DatAnywhere and DatAnswers. Its platform allows enterprises to analyze, secure, manage and migrate volumes of unstructured data.
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