Varonis Systems (NASDAQ:VRNS) Price Target Increased to $65.00 by Analysts at Royal Bank of Canada

Varonis Systems (NASDAQ:VRNS) had its target price boosted by equities research analysts at Royal Bank of Canada from $58.00 to $65.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 19.38% from the stock’s previous close.

Other research analysts have also issued reports about the company. Piper Sandler boosted their target price on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. raised shares of Varonis Systems from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. Susquehanna boosted their price objective on shares of Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a report on Tuesday. Wells Fargo & Company raised their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Robert W. Baird raised shares of Varonis Systems from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $60.00 in a report on Tuesday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.13.

Varonis Systems Trading Up 12.3 %

VRNS traded up $5.96 during mid-day trading on Tuesday, hitting $54.45. The stock had a trading volume of 2,466,050 shares, compared to its average volume of 1,236,751. Varonis Systems has a 1-year low of $28.15 and a 1-year high of $56.68. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of -57.93 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The stock’s fifty day simple moving average is $45.47 and its 200-day simple moving average is $46.34.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company earned ($0.35) earnings per share. As a group, research analysts forecast that Varonis Systems will post -0.97 EPS for the current fiscal year.

Insider Activity at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EFG Asset Management North America Corp. raised its stake in Varonis Systems by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 45,469 shares of the technology company’s stock valued at $2,181,000 after acquiring an additional 216 shares during the period. Natixis Advisors L.P. increased its stake in shares of Varonis Systems by 3.7% in the fourth quarter. Natixis Advisors L.P. now owns 10,441 shares of the technology company’s stock worth $472,000 after purchasing an additional 370 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Varonis Systems by 87.2% during the 4th quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock valued at $42,000 after buying an additional 429 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Varonis Systems by 3.3% during the second quarter. Baillie Gifford & Co. now owns 19,804 shares of the technology company’s stock worth $950,000 after acquiring an additional 628 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in Varonis Systems by 12.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,713 shares of the technology company’s stock worth $364,000 after purchasing an additional 865 shares during the period. Hedge funds and other 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.