Royal Bank of Canada Reaffirms “Outperform” Rating for Varonis Systems (NASDAQ:VRNS)

Royal Bank of Canada reiterated their outperform rating on shares of Varonis Systems (NASDAQ:VRNS) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $65.00 target price on the technology company’s stock.

Several other equities research analysts also recently issued reports on the company. Susquehanna increased their target price on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, July 30th. Robert W. Baird raised their target price on Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price target on Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen increased their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Wells Fargo & Company boosted their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.75.

Varonis Systems Trading Down 10.7 %

NASDAQ:VRNS opened at $52.48 on Wednesday. Varonis Systems has a 12 month low of $31.56 and a 12 month high of $60.58. 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 firm’s 50 day moving average is $56.19 and its 200 day moving average is $49.97. The stock has a market capitalization of $5.85 billion, a PE ratio of -55.83 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly 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 return on equity of 18.31% and a negative net margin of 16.97%. The firm had revenue of $130.35 million for the quarter, compared to analysts’ expectations of $124.83 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Varonis Systems will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other Varonis Systems news, Vice Chairman James O’boyle sold 75,000 shares of Varonis Systems stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the transaction, the insider now directly owns 494,114 shares of the company’s stock, valued at approximately $25,219,578.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of VRNS. EFG Asset Management North America Corp. grew its position in Varonis Systems by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 45,469 shares of the technology company’s stock worth $2,181,000 after acquiring an additional 216 shares during the last quarter. O Neil Global Advisors Inc. grew its holdings in shares of Varonis Systems by 4.8% in the second quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock worth $229,000 after purchasing an additional 220 shares during the last quarter. Hanseatic Management Services Inc. increased its stake in shares of Varonis Systems by 1.7% in the second quarter. Hanseatic Management Services Inc. now owns 16,051 shares of the technology company’s stock worth $770,000 after buying an additional 275 shares during the period. Xponance Inc. raised its holdings in Varonis Systems by 5.6% during the 2nd quarter. Xponance Inc. now owns 6,975 shares of the technology company’s stock valued at $335,000 after buying an additional 367 shares during the last quarter. Finally, Natixis Advisors LLC boosted its position 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 buying an additional 401 shares during the period. 95.65% of the stock is owned by 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.