Varonis Systems (VRNS) Downgraded to Buy at BidaskClub

Varonis Systems (NASDAQ:VRNS) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other brokerages have also commented on VRNS. DA Davidson set a $75.00 price target on shares of Varonis Systems and gave the company a “buy” rating in a research note on Tuesday, May 1st. Needham & Company LLC upped their price target on shares of Varonis Systems to $80.00 and gave the company a “buy” rating in a research note on Tuesday, April 24th. They noted that the move was a valuation call. Imperial Capital upped their price target on shares of Varonis Systems from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, March 14th. JMP Securities upped their price target on shares of Varonis Systems from $58.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, May 1st. Finally, Royal Bank of Canada upped their price target on shares of Varonis Systems to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, May 1st. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $71.79.

Varonis Systems stock opened at $73.00 on Tuesday. The stock has a market cap of $2.26 billion, a PE ratio of -146.00 and a beta of 0.78. Varonis Systems has a fifty-two week low of $35.45 and a fifty-two week high of $83.10.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, April 30th. The technology company reported ($0.22) earnings per share for the quarter, topping the 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 company had revenue of $53.53 million for the quarter, compared to analyst estimates of $49.71 million. During the same period in the previous year, the business earned ($0.23) EPS. Varonis Systems’s revenue for the quarter was up 35.2% compared to the same quarter last year. research analysts predict that Varonis Systems will post -1.03 earnings per share for the current fiscal year.

In other Varonis Systems news, CEO Yakov Faitelson sold 176,950 shares of the business’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $77.82, for a total value of $13,770,249.00. Following the completion of the sale, the chief executive officer now owns 302,789 shares of the company’s stock, valued at approximately $23,563,039.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gili Iohan sold 17,931 shares of the business’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $81.69, for a total transaction of $1,464,783.39. Following the completion of the sale, the director now directly owns 15,429 shares of the company’s stock, valued at approximately $1,260,395.01. The disclosure for this sale can be found here. Insiders sold a total of 344,916 shares of company stock valued at $26,683,132 in the last three months. Insiders own 4.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of VRNS. Schwab Charles Investment Management Inc. boosted its holdings in Varonis Systems by 6.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 97,021 shares of the technology company’s stock valued at $4,711,000 after purchasing an additional 5,926 shares during the period. Comerica Bank bought a new stake in Varonis Systems in the 4th quarter valued at about $975,000. Teacher Retirement System of Texas bought a new stake in Varonis Systems in the 4th quarter valued at about $254,000. California Public Employees Retirement System boosted its holdings in Varonis Systems by 24.7% in the 4th quarter. California Public Employees Retirement System now owns 54,636 shares of the technology company’s stock valued at $2,653,000 after purchasing an additional 10,836 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Varonis Systems by 12.7% in the 4th quarter. First Trust Advisors LP now owns 220,012 shares of the technology company’s stock valued at $10,682,000 after purchasing an additional 24,873 shares during the period. 83.19% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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