Varonis Systems (NASDAQ:VRNS) Shares Gap Down - Here's What Happened

Varonis Systems, Inc. (NASDAQ:VRNS - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $58.78, but opened at $54.04. Varonis Systems shares last traded at $54.12, with a volume of 585,500 shares traded.

Analyst Ratings Changes

Several analysts have recently commented on VRNS shares. Needham & Company LLC reissued a "hold" rating on shares of Varonis Systems in a report on Tuesday, July 30th. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price target on shares of Varonis Systems in a report on Wednesday. Baird R W upgraded shares of Varonis Systems from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised their price objective on Varonis Systems from $59.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Robert W. Baird boosted their target price on Varonis Systems from $60.00 to $62.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Varonis Systems presently has a consensus rating of "Moderate Buy" and an average target price of $58.75.

Varonis Systems Stock Down 10.7 %

The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $56.19 and a 200 day moving average of $49.97. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of -56.02 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. The business had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) earnings per share. On average, sell-side analysts anticipate that Varonis Systems, Inc. will post -0.83 earnings per share for the current year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Vice Chairman James O'boyle sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total value of $3,828,000.00. Following the transaction, the insider now directly owns 494,114 shares of the company's stock, valued at $25,219,578.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Varonis Systems

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Varonis Systems by 1.4% in the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company's stock worth $530,978,000 after purchasing an additional 155,040 shares during the period. Thrivent Financial for Lutherans raised 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 acquiring an additional 127,129 shares during the period. William Blair Investment Management LLC lifted its holdings in Varonis Systems by 1.1% in the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company's stock worth $106,396,000 after acquiring an additional 23,231 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Varonis Systems by 126.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company's stock valued at $90,336,000 after acquiring an additional 1,070,821 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Varonis Systems by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company's stock worth $78,517,000 after purchasing an additional 133,109 shares during the period. 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.