Varonis Systems (NASDAQ:VRNS) Receives Buy Rating from Needham & Company LLC

Varonis Systems (NASDAQ:VRNS - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $67.00 target price on the technology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 65.07% from the stock's current price.

A number of other brokerages have also recently weighed in on VRNS. UBS Group lifted their price target on shares of Varonis Systems from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. DA Davidson lowered their price objective on shares of Varonis Systems from $50.00 to $47.00 and set a "neutral" rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group cut their target price on shares of Varonis Systems from $60.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald assumed coverage on Varonis Systems in a research note on Thursday, January 9th. They issued an "overweight" rating and a $60.00 price objective for the company. Finally, Piper Sandler cut their price target on Varonis Systems from $55.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, January 6th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $59.38.

Varonis Systems Trading Up 1.4 %

Shares of VRNS traded up $0.58 during midday trading on Wednesday, reaching $40.59. The company had a trading volume of 2,496,127 shares, compared to its average volume of 2,199,414. Varonis Systems has a 1-year low of $39.62 and a 1-year high of $60.58. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. The firm has a 50 day simple moving average of $45.68 and a 200-day simple moving average of $51.18. The stock has a market cap of $4.57 billion, a PE ratio of -47.20 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.45% and a negative net margin of 17.38%. Research analysts forecast that Varonis Systems will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling at Varonis Systems

In other news, CFO Guy Melamed sold 91,345 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total value of $4,905,226.50. Following the completion of the sale, the chief financial officer now directly owns 504,598 shares of the company's stock, valued at $27,096,912.60. This trade represents a 15.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VRNS. Geode Capital Management LLC increased its position in shares of Varonis Systems by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company's stock valued at $147,801,000 after buying an additional 29,050 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Varonis Systems by 9.0% in the third quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company's stock valued at $100,789,000 after purchasing an additional 147,081 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Varonis Systems by 761.6% in 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 purchasing an additional 995,274 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Varonis Systems by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 971,844 shares of the technology company's stock worth $43,179,000 after purchasing an additional 8,921 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Varonis Systems by 46.7% during the 3rd quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company's stock worth $47,415,000 after purchasing an additional 267,000 shares during the last quarter. Hedge funds and other institutional investors own 95.65% of the company's stock.

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.