Barclays Raises Varonis Systems (NASDAQ:VRNS) Price Target to $65.00

Varonis Systems (NASDAQ:VRNS) had its target price lifted by Barclays from $60.00 to $65.00 in a research note released on Monday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other analysts have also recently weighed in on VRNS. Robert W. Baird raised Varonis Systems from a neutral rating to an outperform rating and lifted their price target for the stock from $52.00 to $60.00 in a report on Tuesday, July 30th. Needham & Company LLC reissued a hold rating on shares of Varonis Systems in a research report on Tuesday, July 30th. Royal Bank of Canada raised their price target on shares of Varonis Systems from $58.00 to $65.00 and gave the stock an outperform rating in a research report on Tuesday, July 30th. Wedbush reissued an outperform rating and issued a $67.00 price objective on shares of Varonis Systems in a report on Monday, August 26th. Finally, Baird R W raised shares of Varonis Systems from a hold rating to a strong-buy rating in a report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Varonis Systems currently has a consensus rating of Moderate Buy and a consensus price target of $56.67.

Varonis Systems Stock Performance

Shares of NASDAQ VRNS opened at $58.62 on Monday. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $6.54 billion, a P/E ratio of -62.36 and a beta of 0.82. Varonis Systems has a 12 month low of $29.75 and a 12 month high of $59.34. The stock has a 50 day moving average of $54.83 and a 200-day moving average of $48.72.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) earnings per share. As a group, equities research analysts predict that Varonis Systems will post -0.83 EPS for the current year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O’boyle sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the completion of the transaction, the insider now owns 494,114 shares of the company’s stock, valued at approximately $25,219,578.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Varonis Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Varonis Systems by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock valued at $530,978,000 after acquiring an additional 155,040 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Varonis Systems by 4.6% in the second quarter. Thrivent Financial for Lutherans now owns 2,874,388 shares of the technology company’s stock valued at $137,885,000 after purchasing an additional 127,129 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Varonis Systems by 1.1% during the second quarter. William Blair Investment Management LLC now owns 2,217,967 shares of the technology company’s stock valued at $106,396,000 after purchasing an additional 23,231 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Varonis Systems by 126.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Varonis Systems by 8.9% during the second quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock worth $78,517,000 after purchasing an additional 133,109 shares during 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.