Varonis Systems (NASDAQ:VRNS) Price Target Cut to $35.00

Varonis Systems (NASDAQ:VRNSGet Rating) had its price objective reduced by Needham & Company LLC from $75.00 to $35.00 in a research report sent to investors on Tuesday morning, The Fly reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

A number of other research firms have also weighed in on VRNS. Barclays lowered their price target on shares of Varonis Systems from $36.00 to $32.00 and set an equal weight rating on the stock in a research report on Tuesday. Morgan Stanley lowered shares of Varonis Systems from an overweight rating to an equal weight rating and set a $35.00 price target on the stock. in a research report on Monday, June 27th. Truist Financial lowered their price target on shares of Varonis Systems from $65.00 to $50.00 in a research report on Tuesday, May 10th. Wolfe Research lowered shares of Varonis Systems from an outperform rating to a peer perform rating in a report on Monday, July 25th. Finally, Summit Insights reiterated a buy rating on shares of Varonis Systems in a report on Monday, May 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $45.25.

Varonis Systems Stock Down 0.9 %

Shares of NASDAQ VRNS opened at $29.96 on Tuesday. The company’s 50-day simple moving average is $30.28 and its 200-day simple moving average is $36.92. Varonis Systems has a 52-week low of $24.58 and a 52-week high of $73.46. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of -24.36 and a beta of 1.17. The company has a quick ratio of 4.61, a current ratio of 4.34 and a debt-to-equity ratio of 0.47.

Insider Buying and Selling at Varonis Systems

In other Varonis Systems news, Director Ofer Segev sold 1,500 shares of the stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $31.48, for a total value of $47,220.00. Following the sale, the director now directly owns 75,410 shares of the company’s stock, valued at approximately $2,373,906.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Dov Gottlieb sold 8,907 shares of the company’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $33.07, for a total value of $294,554.49. Following the completion of the transaction, the vice president now owns 161,722 shares in the company, valued at approximately $5,348,146.54. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ofer Segev sold 1,500 shares of the company’s stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $31.48, for a total transaction of $47,220.00. Following the completion of the transaction, the director now owns 75,410 shares of the company’s stock, valued at approximately $2,373,906.80. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Institutional Trading of Varonis Systems

A number of large investors have recently bought and sold shares of the business. MQS Management LLC boosted its stake in Varonis Systems by 58.9% during the 2nd quarter. MQS Management LLC now owns 7,970 shares of the technology company’s stock worth $234,000 after purchasing an additional 2,953 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Varonis Systems by 22.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 67,890 shares of the technology company’s stock worth $1,991,000 after acquiring an additional 12,426 shares during the period. abrdn plc lifted its stake in shares of Varonis Systems by 1.6% in the 2nd quarter. abrdn plc now owns 58,600 shares of the technology company’s stock worth $1,719,000 after acquiring an additional 915 shares during the period. Herald Investment Management Ltd lifted its stake in shares of Varonis Systems by 3.6% in the 2nd quarter. Herald Investment Management Ltd now owns 475,500 shares of the technology company’s stock worth $13,946,000 after acquiring an additional 16,500 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Varonis Systems by 13.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,064 shares of the technology company’s stock worth $500,000 after acquiring an additional 2,059 shares during the period. Institutional investors and hedge funds own 93.20% of the company’s stock.

About Varonis Systems

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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; strategic and product plans; and other intellectual property.

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