Zacks Investment Research Upgrades Varonis Systems (VRNS) to “Hold”

Varonis Systems (NASDAQ:VRNS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Varonis Systems Inc. provides an innovative software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Its products include DatAdvantage, DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnywhere. The company sells its products to small and medium businesses, and large multinational enterprises in financial services, consumer and retail, industrial, healthcare, and energy and utilities industries. Varonis Systems Inc. is headquartered in New York. “

A number of other research firms also recently commented on VRNS. BidaskClub upgraded shares of Varonis Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 23rd. DA Davidson set a $75.00 target price on shares of Varonis Systems and gave the stock a “buy” rating in a report on Tuesday, May 1st. Imperial Capital increased their target price on shares of Varonis Systems from $63.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, March 14th. Needham & Company LLC increased their target price on shares of Varonis Systems to $80.00 and gave the stock a “buy” rating in a report on Tuesday, April 24th. They noted that the move was a valuation call. Finally, JMP Securities increased their target price on shares of Varonis Systems from $58.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, May 1st. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $69.43.

NASDAQ VRNS traded down $0.05 during trading hours on Thursday, reaching $72.90. 2,329 shares of the company traded hands, compared to its average volume of 299,370. Varonis Systems has a 12 month low of $73.00 and a 12 month high of $73.75. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of -145.80 and a beta of 0.72.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, April 30th. The technology company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.09. Varonis Systems had a negative net margin of 7.75% and a negative return on equity of 17.00%. The firm had revenue of $53.53 million for the quarter, compared to the consensus estimate of $49.71 million. During the same period in the prior year, the firm posted ($0.23) EPS. The firm’s revenue was up 35.2% compared to the same quarter last year. research analysts predict that Varonis Systems will post -1.03 EPS for the current fiscal year.

In other news, CEO Yakov Faitelson sold 106,426 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $56.26, for a total transaction of $5,987,526.76. Following the completion of the transaction, the chief executive officer now owns 246,789 shares in the company, valued at approximately $13,884,349.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Guy Melamed sold 833 shares of the firm’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $64.24, for a total transaction of $53,511.92. Following the transaction, the chief financial officer now owns 131,368 shares of the company’s stock, valued at approximately $8,439,080.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,440 shares of company stock worth $14,828,256. 4.20% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of VRNS. Convergence Investment Partners LLC bought a new position in shares of Varonis Systems during the 4th quarter valued at about $1,666,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of Varonis Systems by 6.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 97,021 shares of the technology company’s stock worth $4,711,000 after buying an additional 5,926 shares during the period. CAPROCK Group Inc. acquired a new position in shares of Varonis Systems in the fourth quarter worth about $220,000. Acadian Asset Management LLC acquired a new position in shares of Varonis Systems in the fourth quarter worth about $3,774,000. Finally, Dupont Capital Management Corp boosted its holdings in shares of Varonis Systems by 45.0% in the fourth quarter. Dupont Capital Management Corp now owns 15,608 shares of the technology company’s stock worth $758,000 after buying an additional 4,845 shares during the period. Institutional investors own 83.13% of the company’s stock.

About Varonis Systems

Varonis Systems, Inc provides software solutions that protect data from insider threats and cyberattacks. The company, through its software, allows organizations to protect data stored on premises and on cloud, such as sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property.

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