Varonis Systems (NASDAQ:VRNS) Sets New 52-Week Low – Here’s What Happened

Varonis Systems, Inc. (NASDAQ:VRNS)’s share price hit a new 52-week low on Tuesday . The company traded as low as $39.49 and last traded at $39.94, with a volume of 86845 shares changing hands. The stock had previously closed at $40.01.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VRNS. DA Davidson decreased their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. StockNews.com raised shares of Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target for the company. Finally, Citigroup cut their price objective on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems has a consensus rating of “Moderate Buy” and a consensus price target of $59.38.

Varonis Systems Stock Down 0.7 %

The firm has a market cap of $4.47 billion, a P/E ratio of -46.04 and a beta of 0.85. The firm’s 50-day moving average price is $43.73 and its 200 day moving average price is $49.65. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. On average, equities research analysts expect that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its Board of Directors has initiated a share repurchase plan on Monday, February 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Varonis Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Varonis Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,246,769 shares of the technology company’s stock valued at $544,124,000 after acquiring an additional 193,210 shares during the last quarter. Geode Capital Management LLC grew its position in 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 worth $147,801,000 after buying an additional 29,050 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Varonis Systems by 4.8% during the 4th quarter. First Trust Advisors LP now owns 2,501,581 shares of the technology company’s stock valued at $111,145,000 after acquiring an additional 113,573 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Varonis Systems by 2.4% during the 4th quarter. William Blair Investment Management LLC now owns 2,290,114 shares of the technology company’s stock worth $101,750,000 after acquiring an additional 52,971 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Varonis Systems by 1.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,287,544 shares of the technology company’s stock worth $101,636,000 after acquiring an additional 29,852 shares in the last quarter. 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.