Varonis Systems (NASDAQ:VRNS) Raised to Outperform at Wolfe Research

Varonis Systems (NASDAQ:VRNS - Get Free Report) was upgraded by research analysts at Wolfe Research from a "peer perform" rating to an "outperform" rating in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $50.00 price target on the technology company's stock. Wolfe Research's target price would indicate a potential upside of 22.53% from the stock's previous close.

VRNS has been the topic of several other reports. Jefferies Financial Group dropped their price target on Varonis Systems from $60.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, December 19th. DA Davidson dropped their target price 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. Needham & Company LLC reissued a "buy" rating and issued a $67.00 price target on shares of Varonis Systems in a report on Wednesday, February 5th. Citigroup dropped their price objective on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. Finally, Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an "overweight" rating and a $60.00 price objective for the company. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $58.53.

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Varonis Systems Stock Performance

Varonis Systems stock traded up $0.36 during trading hours on Friday, reaching $40.81. 327,124 shares of the company were exchanged, compared to its average volume of 1,469,552. Varonis Systems has a 12 month low of $39.11 and a 12 month high of $60.58. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average of $42.64 and a 200 day moving average of $48.22. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -47.46 and a beta of 0.85.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. As a group, research analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current year.

Varonis Systems declared that its board has initiated a stock buyback program on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Varonis Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VRNS. Quarry LP bought a new stake in shares of Varonis Systems in the 4th quarter valued at about $36,000. Johnson Financial Group Inc. acquired a new position in shares of Varonis Systems in the 4th quarter valued at $61,000. Transce3nd LLC bought a new stake in shares of Varonis Systems in the 4th quarter valued at $62,000. New Age Alpha Advisors LLC acquired a new stake in Varonis Systems during the 4th quarter worth $70,000. Finally, Pacer Advisors Inc. grew its position in shares of Varonis Systems by 29.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company's stock valued at $118,000 after purchasing an additional 603 shares during the period. Institutional investors 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.