Varonis Systems Trading Down 6.9% After Analyst Downgrade (VRNS)
Varonis Systems (NASDAQ:VRNS) shares dropped 6.9% during mid-day trading on Tuesday after Jefferies Group lowered their price target on the stock from $45.00 to $38.00, ARN reports. Jefferies Group currently has a buy rating on the stock. Varonis Systems traded as low as $25.00 and last traded at $26.21, with a volume of 277,350 shares traded. The stock had previously closed at $28.14.
Several other analysts have also recently commented on the stock. Analysts at Imperial Capital initiated coverage on shares of Varonis Systems in a research note on Tuesday, April 22nd. They set an “outperform” rating and a $35.00 price target on the stock. Separately, analysts at Barclays upgraded shares of Varonis Systems from an “equal weight” rating to an “overweight” rating in a research note on Friday, April 11th. They now have a $42.00 price target on the stock. Finally, analysts at Needham & Company LLC initiated coverage on shares of Varonis Systems in a research note on Tuesday, March 25th. They set a “buy” rating and a $48.00 price target on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Varonis Systems presently has a consensus rating of “Buy” and a consensus price target of $42.60.
The stock has a 50-day moving average of $32. and a 200-day moving average of $35.58. The company’s market cap is $593.9 million.
Varonis Systems (NASDAQ:VRNS) last released its earnings data on Monday, May 5th. The company reported ($0.30) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.44) by $0.14. The company had revenue of $17.50 million for the quarter, compared to the consensus estimate of $16.17 million. Varonis Systems’s revenue was up 38.9% compared to the same quarter last year. On average, analysts predict that Varonis Systems will post $-0.68 earnings per share for the current fiscal year.
Varonis Systems, Inc (NASDAQ:VRNS) provides software platform that allows enterprises to map, analyze, manage and migrate their unstructured data.
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