Wells Fargo & Company Cuts Varonis Systems (NASDAQ:VRNS) Price Target to $46.00

Varonis Systems (NASDAQ:VRNS - Get Free Report) had its target price lowered by investment analysts at Wells Fargo & Company from $48.00 to $46.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's target price points to a potential upside of 13.33% from the stock's current price.

VRNS has been the topic of several other reports. DA Davidson lowered their target price on Varonis Systems from $50.00 to $47.00 and set a "neutral" rating on the stock in a research report on Thursday, December 12th. Robert W. Baird raised their price target on Varonis Systems from $60.00 to $62.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Piper Sandler reduced their price objective on shares of Varonis Systems from $55.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, January 6th. Citigroup lowered their target price on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating on the stock in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Five 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. Based on data from MarketBeat.com, Varonis Systems presently has a consensus rating of "Moderate Buy" and an average target price of $59.38.

Varonis Systems Stock Performance

Shares of VRNS traded up $0.58 during midday trading on Wednesday, hitting $40.59. 2,496,127 shares of the stock traded hands, compared to its average volume of 2,199,414. The business's 50 day moving average price is $45.68 and its two-hundred day moving average price is $51.21. The firm has a market capitalization of $4.57 billion, a PE ratio of -47.20 and a beta of 0.83. 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 1-year low of $39.62 and a 1-year high of $60.58.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (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 20.45%. Equities research analysts predict that Varonis Systems will post -0.74 EPS for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, CFO Guy Melamed sold 91,345 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the sale, the chief financial officer now owns 504,598 shares in the company, valued at $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in shares of Varonis Systems during the second quarter valued at $260,000. Diversified Trust Co boosted its position in Varonis Systems by 12.4% during the 3rd quarter. Diversified Trust Co now owns 13,474 shares of the technology company's stock worth $761,000 after acquiring an additional 1,485 shares during the period. Creative Planning increased its holdings in shares of Varonis Systems by 66.4% in the 3rd quarter. Creative Planning now owns 24,265 shares of the technology company's stock valued at $1,371,000 after purchasing an additional 9,681 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of Varonis Systems by 226.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 20,595 shares of the technology company's stock valued at $1,164,000 after purchasing an additional 14,295 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Varonis Systems in the third quarter worth approximately $446,000. 95.65% of the stock is currently owned by hedge funds and other 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.