Varonis Systems (NASDAQ:VRNS) Shares Down 3.3% Following Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS - Get Free Report)'s stock price dropped 3.3% during trading on Friday after Citigroup lowered their price target on the stock from $57.00 to $46.00. Citigroup currently has a neutral rating on the stock. Varonis Systems traded as low as $44.35 and last traded at $44.39. Approximately 682,193 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,373,283 shares. The stock had previously closed at $45.88.

Several other equities analysts also recently issued reports on VRNS. Robert W. Baird raised 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. Royal Bank of Canada reaffirmed an "outperform" rating and set a $65.00 target price on shares of Varonis Systems in a report on Wednesday, October 30th. Barclays raised their price objective on Varonis Systems from $60.00 to $65.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Cantor Fitzgerald assumed coverage on Varonis Systems in a report on Thursday, January 9th. They issued an "overweight" rating and a $60.00 target price on the stock. Finally, DA Davidson lowered their price target on shares of Varonis Systems from $50.00 to $47.00 and set a "neutral" rating for the company in a report on Thursday, December 12th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $59.44.

Insider Buying and Selling

In related news, CFO Guy Melamed sold 91,345 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value 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. This represents a 15.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.60% of the stock is owned by company insiders.

Institutional Trading of Varonis Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its position in shares of Varonis Systems by 761.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company's stock valued at $50,026,000 after buying an additional 995,274 shares during the last quarter. WCM Investment Management LLC purchased a new position in Varonis Systems during the 3rd quarter worth $17,419,000. Squarepoint Ops LLC grew its stake in shares of Varonis Systems by 167.9% in the 2nd quarter. Squarepoint Ops LLC now owns 453,503 shares of the technology company's stock worth $21,755,000 after acquiring an additional 284,236 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Varonis Systems by 46.7% in the third quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company's stock valued at $47,415,000 after purchasing an additional 267,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Varonis Systems by 40.0% during the second quarter. The Manufacturers Life Insurance Company now owns 799,685 shares of the technology company's stock valued at $38,361,000 after purchasing an additional 228,589 shares in the last quarter. 95.65% of the stock is owned by institutional investors.

Varonis Systems Trading Down 3.7 %

The company has a debt-to-equity ratio of 1.05, a current ratio of 1.81 and a quick ratio of 1.81. The firm's fifty day moving average is $47.57 and its two-hundred day moving average is $51.60. The firm has a market capitalization of $4.97 billion, a PE ratio of -58.92 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its earnings results on Tuesday, October 29th. The technology company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. The firm had revenue of $148.07 million for the quarter, compared to the consensus estimate of $141.62 million. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company's revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.22) EPS. On average, equities analysts predict that Varonis Systems, Inc. will post -0.7 EPS for the current fiscal year.

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.