Needham & Company LLC Reaffirms “Hold” Rating for Varonis Systems (NASDAQ:VRNS)

Needham & Company LLC restated their hold rating on shares of Varonis Systems (NASDAQ:VRNS) in a research report report published on Tuesday morning, Benzinga reports.

A number of other research analysts have also commented on VRNS. Susquehanna increased their price objective on Varonis Systems from $55.00 to $65.00 and gave the company a positive rating in a report on Tuesday. JPMorgan Chase & Co. raised Varonis Systems from a neutral rating to an overweight rating and increased their price objective for the company from $50.00 to $54.00 in a report on Friday, June 14th. Robert W. Baird raised Varonis Systems from a neutral rating to an outperform rating and raised their target price for the company from $52.00 to $60.00 in a report on Tuesday. Barclays raised their target price on Varonis Systems from $53.00 to $55.00 and gave the company an overweight rating in a report on Thursday, July 11th. Finally, Royal Bank of Canada raised their target price on Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $56.33.

Varonis Systems Stock Performance

Shares of VRNS stock opened at $53.17 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market cap of $5.93 billion, a P/E ratio of -56.56 and a beta of 0.83. The stock’s 50-day moving average is $46.09 and its two-hundred day moving average is $46.51. Varonis Systems has a fifty-two week low of $29.10 and a fifty-two week high of $57.00.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in shares of Varonis Systems by 3.4% during the 2nd quarter. Rhumbline Advisers now owns 170,492 shares of the technology company’s stock worth $8,178,000 after buying an additional 5,549 shares during the period. Natixis Advisors LLC increased its holdings in Varonis Systems by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock valued at $572,000 after purchasing an additional 401 shares in the last quarter. Hanseatic Management Services Inc. increased its holdings in Varonis Systems by 1.7% during the 2nd quarter. Hanseatic Management Services Inc. now owns 16,051 shares of the technology company’s stock valued at $770,000 after purchasing an additional 275 shares in the last quarter. Peregrine Capital Management LLC increased its holdings in Varonis Systems by 11.4% during the 2nd quarter. Peregrine Capital Management LLC now owns 254,196 shares of the technology company’s stock valued at $12,194,000 after purchasing an additional 26,115 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Varonis Systems by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock valued at $78,517,000 after purchasing an additional 133,109 shares in the last quarter. 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.