Morgan Stanley Cuts Varonis Systems (NASDAQ:VRNS) Price Target to $46.00

Varonis Systems (NASDAQ:VRNS - Free Report) had its price objective trimmed by Morgan Stanley from $54.00 to $46.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the technology company's stock.

VRNS has been the subject of a number of other research reports. Wells Fargo & Company decreased their price objective on shares of Varonis Systems from $48.00 to $46.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 5th. StockNews.com cut shares of Varonis Systems from a "hold" rating to a "sell" rating in a research note on Friday, April 11th. Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an "overweight" rating and a $60.00 target price on the stock. Piper Sandler decreased their price target on shares of Varonis Systems from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. Finally, Jefferies Financial Group cut their price objective on shares of Varonis Systems from $50.00 to $45.00 and set a "hold" rating for the company in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Varonis Systems has a consensus rating of "Moderate Buy" and an average target price of $57.11.

Varonis Systems Price Performance

Shares of VRNS traded down $0.97 during mid-day trading on Wednesday, hitting $39.42. The company's stock had a trading volume of 769,113 shares, compared to its average volume of 1,511,452. Varonis Systems has a fifty-two week low of $36.53 and a fifty-two week high of $60.58. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of -45.84 and a beta of 0.76. The firm has a 50-day moving average price of $41.42 and a 200 day moving average price of $46.58. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates 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%. On average, research analysts predict that Varonis Systems will post -0.83 EPS for the current fiscal year.

Varonis Systems announced that its Board of Directors has authorized a stock buyback program on Monday, February 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors have recently modified their holdings of the business. William Blair Investment Management LLC boosted its position in shares of Varonis Systems by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 2,290,114 shares of the technology company's stock worth $101,750,000 after purchasing an additional 52,971 shares in the last quarter. Barclays PLC lifted its holdings in shares of Varonis Systems by 10.0% during the 3rd quarter. Barclays PLC now owns 389,522 shares of the technology company's stock valued at $22,007,000 after purchasing an additional 35,274 shares in the last quarter. Advantage Alpha Capital Partners LP grew its position in shares of Varonis Systems by 30.1% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 90,881 shares of the technology company's stock valued at $4,038,000 after purchasing an additional 21,040 shares during the period. Principal Financial Group Inc. raised its holdings in Varonis Systems by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company's stock worth $100,789,000 after buying an additional 147,081 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Varonis Systems by 761.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company's stock valued at $50,026,000 after buying an additional 995,274 shares during the period. Institutional investors and hedge funds own 95.65% of the company's stock.

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.