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

Varonis Systems (NASDAQ:VRNS)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $67.00 target price on the technology company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 43.04% from the stock’s current price.

VRNS has been the subject of a number of other research reports. Piper Sandler lowered their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. raised their price objective on Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Jefferies Financial Group reduced their target price on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, December 19th. Cantor Fitzgerald initiated coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price objective on shares of Varonis Systems in a research note on Wednesday, October 30th. Five 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.44.

Varonis Systems Stock Performance

Varonis Systems stock opened at $46.84 on Wednesday. Varonis Systems has a fifty-two week low of $41.13 and a fifty-two week high of $60.58. The company has a market capitalization of $5.27 billion, a PE ratio of -62.45 and a beta of 0.83. The company has a 50 day moving average price of $46.19 and a 200-day moving average price of $51.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. As a group, equities analysts forecast that Varonis Systems will post -0.7 earnings per share for the current year.

Insider Buying and Selling at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of Varonis Systems stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the completion of the transaction, the chief financial officer now directly owns 504,598 shares in the company, valued at approximately $27,096,912.60. This trade represents a 15.33 % 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 this hyperlink. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Several institutional investors have recently made changes to their positions in VRNS. Los Angeles Capital Management LLC grew its holdings in Varonis Systems by 16.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 21,510 shares of the technology company’s stock valued at $956,000 after purchasing an additional 3,023 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Varonis Systems in the 4th quarter valued at $275,000. Olympiad Research LP grew its stake in Varonis Systems by 25.6% in the 4th quarter. Olympiad Research LP now owns 10,161 shares of the technology company’s stock valued at $451,000 after acquiring an additional 2,073 shares during the period. Handelsbanken Fonder AB increased its holdings in Varonis Systems by 31.2% in the 4th quarter. Handelsbanken Fonder AB now owns 28,600 shares of the technology company’s stock worth $1,271,000 after acquiring an additional 6,800 shares in the last quarter. Finally, Ieq Capital LLC lifted its holdings in Varonis Systems by 4.9% during the fourth quarter. Ieq Capital LLC now owns 162,392 shares of the technology company’s stock valued at $7,215,000 after purchasing an additional 7,615 shares in the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

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.