Varonis Systems (NASDAQ:VRNS) Upgraded by Wolfe Research to “Outperform” Rating

Wolfe Research upgraded shares of Varonis Systems (NASDAQ:VRNS) from a peer perform rating to an outperform rating in a research report report published on Friday morning, MarketBeat reports. They currently have $50.00 price objective on the technology company’s stock.

Other equities analysts have also recently issued research reports about the company. DA Davidson dropped their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price objective on shares of Varonis Systems in a report on Wednesday, February 5th. StockNews.com raised Varonis Systems from a “sell” rating to a “hold” rating in a report on Saturday, March 8th. Morgan Stanley began coverage on shares of Varonis Systems in a research note on Tuesday, March 18th. They set an “overweight” rating on the stock. Finally, Piper Sandler reduced their price objective on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Varonis Systems currently has a consensus rating of “Moderate Buy” and an average target price of $58.82.

Varonis Systems Price Performance

Shares of NASDAQ VRNS opened at $41.64 on Friday. The stock has a fifty day moving average price of $42.71 and a 200 day moving average price of $48.35. Varonis Systems has a 1-year low of $39.11 and a 1-year high of $60.58. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $4.69 billion, a PE ratio of -48.42 and a beta of 0.85.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate 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%. Sell-side analysts forecast that Varonis Systems will post -0.83 EPS for the current year.

Varonis Systems announced that its Board of Directors has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Varonis Systems

Institutional investors have recently modified their holdings of the company. Quarry LP purchased a new stake in Varonis Systems in the 4th quarter worth approximately $36,000. Johnson Financial Group Inc. acquired a new stake in shares of Varonis Systems during the fourth quarter worth $61,000. Transce3nd LLC purchased a new stake in shares of Varonis Systems in the fourth quarter valued at $62,000. New Age Alpha Advisors LLC acquired a new position in Varonis Systems in the fourth quarter valued at $70,000. Finally, Pacer Advisors Inc. lifted its position in Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after buying an additional 603 shares during the period. Institutional investors and hedge funds 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.