Royal Bank of Canada Reaffirms Outperform Rating for Varonis Systems (NASDAQ:VRNS)

Royal Bank of Canada reissued their outperform rating on shares of Varonis Systems (NASDAQ:VRNS - Free Report) in a report issued on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $65.00 target price on the technology company's stock.

Several other research analysts have also issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of Varonis Systems in a research report on Tuesday, July 30th. Wells Fargo & Company lifted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 30th. Susquehanna upped their target price on Varonis Systems from $55.00 to $65.00 and gave the company a "positive" rating in a report on Tuesday, July 30th. UBS Group lifted their price target on Varonis Systems from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Barclays upped their price objective on shares of Varonis Systems from $60.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.75.

Varonis Systems Price Performance

Shares of Varonis Systems stock traded down $6.30 during trading on Wednesday, hitting $52.48. The stock had a trading volume of 5,712,554 shares, compared to its average volume of 1,323,892. The business has a fifty day moving average of $56.19 and a two-hundred day moving average of $49.97. Varonis Systems has a fifty-two week low of $31.56 and a fifty-two week high of $60.58. The firm has a market cap of $5.85 billion, a P/E ratio of -56.02 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.07. The company 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%. Varonis Systems's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.35) EPS. On average, sell-side analysts expect that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O'boyle sold 50,000 shares of Varonis Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now directly owns 444,114 shares in the company, valued at $26,540,252.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Varonis Systems by 4.6% during the 2nd 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 last quarter. William Blair Investment Management LLC boosted its holdings in Varonis Systems by 1.1% during the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company's stock valued at $106,396,000 after acquiring an additional 23,231 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 purchasing an additional 1,070,821 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Varonis Systems by 8.9% in the second 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 owned by 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.