Varonis Systems (NASDAQ:VRNS) Given Buy Rating at Truist Financial

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating reissued by research analysts at Truist Financial in a research report issued on Tuesday, Benzinga reports. They currently have a $60.00 price target on the technology company’s stock, up from their prior price target of $55.00. Truist Financial’s price objective would suggest a potential upside of 8.83% from the company’s previous close.

A number of other brokerages have also issued reports on VRNS. Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research note on Tuesday. Barclays upped their target price on shares of Varonis Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Wells Fargo & Company upped their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of Varonis Systems from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. Finally, Royal Bank of Canada upped their target price on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Varonis Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Varonis Systems Price Performance

Shares of NASDAQ:VRNS opened at $55.13 on Tuesday. The company has a 50-day simple moving average of $45.91 and a 200-day simple moving average of $46.46. Varonis Systems has a one year low of $28.15 and a one year high of $57.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of -58.65 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.28%. The business had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. During the same period in the prior year, the company earned ($0.35) earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. On average, analysts predict that Varonis Systems will post -0.97 EPS for the current year.

Insider Activity at Varonis Systems

In related news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the transaction, the chief executive officer now owns 1,452,922 shares of the company’s stock, valued at $65,715,662.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Institutional investors and hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC lifted its stake in shares of Varonis Systems by 87.2% during the fourth quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock valued at $42,000 after buying an additional 429 shares during the period. Fidelis Capital Partners LLC purchased a new position in Varonis Systems during the first quarter worth approximately $63,000. NBC Securities Inc. purchased a new position in Varonis Systems during the first quarter worth approximately $68,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Varonis Systems during the fourth quarter worth approximately $77,000. Finally, International Assets Investment Management LLC raised its stake in Varonis Systems by 1,779.2% during the fourth quarter. International Assets Investment Management LLC now owns 1,992 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,886 shares during the period. Hedge funds and other 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.