Varonis Systems (NASDAQ:VRNS) Board Declares Share Repurchase Program

Varonis Systems (NASDAQ:VRNS - Get Free Report) announced that its board has initiated a stock repurchase program on Monday, February 10th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Varonis Systems Stock Up 0.7 %

VRNS traded up $0.30 during trading on Friday, reaching $44.02. 619,405 shares of the stock were exchanged, compared to its average volume of 2,030,513. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81. Varonis Systems has a twelve month low of $39.62 and a twelve month high of $60.58. The stock's 50 day moving average price is $45.11 and its two-hundred day moving average price is $51.06. The stock has a market cap of $4.95 billion, a P/E ratio of -51.08 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted 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 20.45%. Equities analysts expect that Varonis Systems will post -0.74 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on VRNS shares. Piper Sandler decreased their target price 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. UBS Group upped their target price on shares of Varonis Systems from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of Varonis Systems in a research report on Wednesday, October 30th. Wells Fargo & Company cut their price target on Varonis Systems from $48.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Varonis Systems from $59.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Varonis Systems currently has an average rating of "Moderate Buy" and an average price target of $59.38.

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.