Needham & Company LLC Reiterates “Buy” Rating for Varonis Systems (NASDAQ:VRNS)

Needham & Company LLC reaffirmed their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued to investors on Monday,Benzinga reports. The firm currently has a $67.00 price target on the technology company’s stock.

A number of other analysts also recently issued reports on VRNS. Barclays lifted their price objective on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Robert W. Baird raised their price target on Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Varonis Systems in a research note on Wednesday, October 30th. Piper Sandler boosted their target price on Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, DA Davidson reduced their target price on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.35.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $44.24 on Monday. 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 company has a market cap of $4.98 billion, a P/E ratio of -58.99 and a beta of 0.83. The firm has a 50-day moving average of $48.70 and a 200-day moving average of $51.69. Varonis Systems has a one year low of $41.13 and a one year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The business had revenue of $148.07 million during the quarter, compared to the consensus estimate of $141.62 million. During the same quarter last year, the company posted ($0.22) earnings per share. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. Equities research analysts forecast that Varonis Systems will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the sale, the insider now owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Guy Melamed sold 91,345 shares of the firm’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 sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Varonis Systems

Institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC lifted its stake in shares of Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after purchasing an additional 423 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Varonis Systems by 5,550.0% in the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,442 shares during the last quarter. KBC Group NV lifted its holdings in Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after buying an additional 663 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Varonis Systems in the 3rd quarter valued at about $184,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of Varonis Systems in the second quarter valued at about $215,000. 95.65% of the stock is owned by hedge funds and other institutional investors.

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.