Citigroup Lowers Varonis Systems (NASDAQ:VRNS) Price Target to $46.00

Varonis Systems (NASDAQ:VRNS - Free Report) had its target price trimmed by Citigroup from $57.00 to $46.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the technology company's stock.

Several other analysts have also issued reports on the stock. DA Davidson reduced their price target on shares of Varonis Systems from $50.00 to $47.00 and set a "neutral" rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada reissued an "outperform" rating and set a $65.00 target price on shares of Varonis Systems in a research note on Wednesday, October 30th. Barclays lifted their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, October 7th. UBS Group upped their price target on shares of Varonis Systems from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $67.00 price objective on shares of Varonis Systems in a report on Monday, January 6th. Five 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 company's stock. Based on data from MarketBeat.com, Varonis Systems currently has an average rating of "Moderate Buy" and a consensus price target of $59.44.

Varonis Systems Stock Performance

Shares of VRNS stock traded down $1.69 on Friday, hitting $44.19. The company's stock had a trading volume of 2,419,146 shares, compared to its average volume of 1,048,088. Varonis Systems has a fifty-two week low of $41.13 and a fifty-two week high of $60.58. The company has a market capitalization of $4.97 billion, a PE ratio of -58.92 and a beta of 0.83. The stock's 50 day moving average is $47.57 and its 200-day moving average is $51.60. 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 (NASDAQ:VRNS - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.03. The business had revenue of $148.07 million during the quarter, compared to analysts' expectations of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The firm's revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.22) earnings per share. Equities research analysts expect that Varonis Systems will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of Varonis Systems stock in a transaction 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 transaction, the chief financial officer now directly owns 504,598 shares of the company's stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VRNS. Virtue Capital Management LLC increased its holdings in Varonis Systems by 2.3% during the third quarter. Virtue Capital Management LLC now owns 16,264 shares of the technology company's stock worth $919,000 after buying an additional 364 shares during the last quarter. Xponance Inc. lifted its stake in Varonis Systems by 5.6% in the second quarter. Xponance Inc. now owns 6,975 shares of the technology company's stock valued at $335,000 after purchasing an additional 367 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Varonis Systems by 445.3% during the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company's stock valued at $29,000 after purchasing an additional 423 shares during the period. KBC Group NV increased its position in Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company's stock worth $184,000 after buying an additional 663 shares during the last quarter. Finally, Hanseatic Management Services Inc. raised its stake in shares of Varonis Systems by 4.3% in the third quarter. Hanseatic Management Services Inc. now owns 16,742 shares of the technology company's stock valued at $946,000 after buying an additional 691 shares during the period. 95.65% of the stock is 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.