Brokerages Set Varonis Systems, Inc. (NASDAQ:VRNS) PT at $59.38

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) have received a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $59.38.

Several research analysts have recently weighed in on VRNS shares. Wells Fargo & Company reduced their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Wednesday, February 5th. Citigroup reduced their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Piper Sandler reduced their price target on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. DA Davidson reduced their price target on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $67.00 target price on shares of Varonis Systems in a report on Wednesday, February 5th.

Hedge Funds Weigh In On Varonis Systems

Several large investors have recently modified their holdings of VRNS. Assetmark Inc. raised its position in shares of Varonis Systems by 31.0% in the third quarter. Assetmark Inc. now owns 5,814 shares of the technology company’s stock valued at $328,000 after purchasing an additional 1,375 shares during the period. KBC Group NV raised its position in shares of Varonis Systems by 25.5% in 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 during the period. Natixis Advisors LLC raised its position in shares of Varonis Systems by 138.9% in the third quarter. Natixis Advisors LLC now owns 28,490 shares of the technology company’s stock valued at $1,610,000 after purchasing an additional 16,565 shares during the period. Swiss National Bank raised its position in shares of Varonis Systems by 1.3% in the third quarter. Swiss National Bank now owns 217,754 shares of the technology company’s stock valued at $12,303,000 after purchasing an additional 2,700 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in Varonis Systems during the third quarter worth about $1,872,000. 95.65% of the stock is owned by institutional investors.

Varonis Systems Stock Down 1.3 %

Shares of NASDAQ:VRNS opened at $41.00 on Monday. Varonis Systems has a 52 week low of $39.11 and a 52 week high of $60.58. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $4.61 billion, a PE ratio of -47.67 and a beta of 0.85. The company has a 50 day moving average price of $43.05 and a two-hundred day moving average price of $48.74.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. Analysts forecast that Varonis Systems will post -0.83 earnings per share for the current year.

Varonis Systems declared that its Board of Directors has authorized a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.