Varonis Systems (NASDAQ:VRNS) Shares Gap Down to $55.05

Varonis Systems, Inc. (NASDAQ:VRNS) shares gapped down before the market opened on Thursday . The stock had previously closed at $55.05, but opened at $50.18. Varonis Systems shares last traded at $51.03, with a volume of 540,541 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on VRNS shares. Wedbush restated an “outperform” rating and set a $67.00 price target on shares of Varonis Systems in a report on Monday, August 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Varonis Systems in a report on Tuesday, July 30th. Barclays lifted their price target on Varonis Systems from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Baird R W raised Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $60.00 target price (up from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.33.

Varonis Systems Price Performance

The business’s 50 day moving average is $51.88 and its two-hundred day moving average is $47.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.44 and a current ratio of 2.44. The firm has a market capitalization of $5.73 billion, a PE ratio of -54.38 and a beta of 0.81.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $130.35 million for the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.35) EPS. Equities research analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Vice Chairman James O’boyle sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total value of $3,828,000.00. Following the sale, the insider now directly owns 494,114 shares in the company, valued at approximately $25,219,578.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Varonis Systems

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Varonis Systems by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock worth $530,978,000 after buying an additional 155,040 shares in the last quarter. First Trust Advisors LP increased its stake in Varonis Systems by 7.9% in the fourth quarter. First Trust Advisors LP now owns 4,426,593 shares of the technology company’s stock valued at $200,436,000 after acquiring an additional 325,347 shares during the last quarter. Clearbridge Investments LLC raised its position in Varonis Systems by 1.9% during the fourth quarter. Clearbridge Investments LLC now owns 3,722,692 shares of the technology company’s stock valued at $168,563,000 after purchasing an additional 70,572 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Varonis Systems by 4.6% during the second quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock worth $137,885,000 after purchasing an additional 127,129 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Varonis Systems by 1.1% in the 2nd quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock worth $106,396,000 after purchasing an additional 23,231 shares in the last quarter. 95.65% of the stock is currently owned by institutional investors.

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.