Piper Sandler Lowers Varonis Systems (NASDAQ:VRNS) Price Target to $50.00

Varonis Systems (NASDAQ:VRNS) had its price objective cut by Piper Sandler from $55.00 to $50.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

VRNS has been the subject of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of Varonis Systems in a research report on Wednesday, October 30th. Barclays lifted their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group lifted their target price on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Robert W. Baird lifted their price objective on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson cut their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, December 12th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.35.

Varonis Systems Price Performance

VRNS opened at $44.24 on Monday. Varonis Systems has a 12-month low of $41.13 and a 12-month high of $60.58. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average price of $48.70 and a 200-day moving average price of $51.69. The stock has a market capitalization of $4.98 billion, a P/E ratio of -58.99 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $148.07 million during the quarter, compared to analyst estimates of $141.62 million. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The firm’s revenue was up 21.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.22) EPS. Equities analysts predict that Varonis Systems will post -0.73 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the completion of the transaction, the insider now owns 444,114 shares of the company’s stock, valued at $26,540,252.64. This represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Guy Melamed sold 91,345 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the transaction, the chief financial officer now owns 504,598 shares of the company’s stock, valued at $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Varonis Systems

Large investors have recently bought and sold shares of the business. Natixis Advisors LLC raised its stake in shares of Varonis Systems by 3.5% in the second quarter. Natixis Advisors LLC now owns 11,925 shares of the technology company’s stock valued at $572,000 after acquiring an additional 401 shares during the period. Rhumbline Advisers boosted its position in shares of Varonis Systems by 3.4% during the second quarter. Rhumbline Advisers now owns 170,492 shares of the technology company’s stock valued at $8,178,000 after buying an additional 5,549 shares during the period. TD Asset Management Inc grew its stake in shares of Varonis Systems by 59.5% during the second quarter. TD Asset Management Inc now owns 41,800 shares of the technology company’s stock valued at $2,005,000 after buying an additional 15,600 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Varonis Systems by 0.9% in the second quarter. Victory Capital Management Inc. now owns 773,353 shares of the technology company’s stock worth $37,098,000 after buying an additional 6,719 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Varonis Systems by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 30,543 shares of the technology company’s stock worth $1,465,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 95.65% of the company’s stock.

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.