Varonis Systems (NASDAQ:VRNS) Reaches New 1-Year Low – What’s Next?

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on VRNS shares. Cantor Fitzgerald started coverage on Varonis Systems in a research report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective for the company. Citigroup decreased their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Wells Fargo & Company decreased their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 5th. Needham & Company LLC reiterated a “buy” rating and set a $67.00 price target on shares of Varonis Systems in a research note on Wednesday, February 5th. Finally, StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and an average target price of $59.38.

Varonis Systems Price Performance

The stock has a market capitalization of $4.50 billion, a P/E ratio of -46.44 and a beta of 0.85. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a fifty day simple moving average of $43.55 and a two-hundred day simple moving average of $49.46.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share 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 expect that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

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

Institutional Trading of Varonis Systems

A number of institutional investors and hedge funds have recently modified their holdings of VRNS. Norges Bank bought a new stake in shares of Varonis Systems in the 4th quarter valued at about $56,561,000. Groupama Asset Managment bought a new stake in shares of Varonis Systems in the 4th quarter valued at about $55,538,000. Assenagon Asset Management S.A. increased its stake in shares of Varonis Systems by 761.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock valued at $50,026,000 after acquiring an additional 995,274 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Varonis Systems by 97.7% in the 4th quarter. Deutsche Bank AG now owns 1,338,452 shares of the technology company’s stock valued at $59,467,000 after acquiring an additional 661,436 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in shares of Varonis Systems by 64.5% in the 4th quarter. Two Sigma Advisers LP now owns 1,380,200 shares of the technology company’s stock valued at $61,322,000 after purchasing an additional 541,000 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.