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

Varonis Systems (NASDAQ:VRNS - Get Free Report)'s stock had its "outperform" rating reissued by Royal Bank of Canada in a note issued to investors on Wednesday, Benzinga reports. They presently have a $65.00 price target on the technology company's stock. Royal Bank of Canada's price objective would suggest a potential upside of 20.21% from the stock's previous close.

VRNS has been the topic of several other research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Varonis Systems in a report on Tuesday, July 30th. Piper Sandler boosted their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 30th. Wells Fargo & Company upped their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 30th. Robert W. Baird upped their price target on shares of Varonis Systems from $60.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Finally, TD Cowen boosted their price objective on shares of Varonis Systems from $54.00 to $65.00 and gave the company a "buy" rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.75.

Varonis Systems Trading Down 8.0 %

Shares of NASDAQ:VRNS traded down $4.71 on Wednesday, hitting $54.07. The company had a trading volume of 3,155,695 shares, compared to its average volume of 1,311,717. Varonis Systems has a 1 year low of $31.56 and a 1 year high of $60.58. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -57.97 and a beta of 0.82. The firm's 50-day simple moving average is $56.19 and its two-hundred day simple moving average is $49.97. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $130.35 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned ($0.35) EPS. Equities analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, Vice Chairman James O'boyle sold 50,000 shares of the firm's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following the transaction, the insider now directly owns 444,114 shares in the company, valued at $26,540,252.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Varonis Systems

A number of hedge funds have recently bought and sold shares of VRNS. Harbor Capital Advisors Inc. raised its holdings in shares of Varonis Systems by 39.4% during the third quarter. Harbor Capital Advisors Inc. now owns 26,964 shares of the technology company's stock worth $1,523,000 after purchasing an additional 7,627 shares during the period. Farther Finance Advisors LLC grew its position in shares of Varonis Systems by 445.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company's stock valued at $29,000 after buying an additional 423 shares during the last quarter. Stephens Inc. AR bought a new stake in shares of Varonis Systems during the 3rd quarter valued at about $276,000. AMI Asset Management Corp bought a new stake in shares of Varonis Systems during the 3rd quarter valued at about $485,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Varonis Systems during the 3rd quarter valued at about $1,121,000. Institutional investors and hedge funds own 95.65% of the company's stock.

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.

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