Zacks Investment Research Lowers Varonis Systems Inc. (VRNS) to Hold
Varonis Systems Inc. (NASDAQ:VRNS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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 have also recently commented on VRNS. Needham & Company LLC upgraded Varonis Systems from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Wednesday, August 10th. Jefferies Group upped their price target on Varonis Systems from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. Imperial Capital reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Varonis Systems in a research report on Friday, September 9th. JMP Securities upped their price objective on Varonis Systems from $29.00 to $33.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 10th. Finally, Royal Bank Of Canada upped their price objective on Varonis Systems from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 10th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $31.00.
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Shares of Varonis Systems (NASDAQ:VRNS) traded down 1.30% during mid-day trading on Wednesday, reaching $28.74. The company’s stock had a trading volume of 111,257 shares. Varonis Systems has a 52 week low of $13.25 and a 52 week high of $30.90. The company’s 50-day moving average is $29.57 and its 200-day moving average is $24.84. The stock’s market capitalization is $758.42 million.
Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. Varonis Systems had a negative return on equity of 24.20% and a negative net margin of 13.27%. The company had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $36.60 million. During the same period in the prior year, the firm earned ($0.18) earnings per share. The firm’s revenue was up 32.2% compared to the same quarter last year. Equities analysts predict that Varonis Systems will post ($0.34) EPS for the current year.
In other Varonis Systems news, CEO Yakov Faitelson sold 10,683 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $26.00, for a total value of $277,758.00. Following the completion of the transaction, the chief executive officer now owns 1,211,347 shares in the company, valued at $31,495,022. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Pitango Venture Capital Princi sold 6,793 shares of the company’s stock in a transaction on Monday, October 10th. The shares were sold at an average price of $30.45, for a total transaction of $206,846.85. Following the completion of the transaction, the insider now owns 3,078,341 shares of the company’s stock, valued at approximately $93,735,483.45. The disclosure for this sale can be found here. 31.40% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Advisors LLC increased its position in Varonis Systems by 11.6% in the second quarter. BlackRock Advisors LLC now owns 5,967 shares of the company’s stock valued at $143,000 after buying an additional 620 shares in the last quarter. American International Group Inc. increased its stake in shares of Varonis Systems by 17.4% in the second quarter. American International Group Inc. now owns 6,159 shares of the company’s stock valued at $148,000 after buying an additional 913 shares during the period. Nationwide Fund Advisors increased its stake in shares of Varonis Systems by 21.0% in the second quarter. Nationwide Fund Advisors now owns 6,986 shares of the company’s stock valued at $168,000 after buying an additional 1,211 shares during the period. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Varonis Systems during the second quarter valued at $178,000. Finally, Gofen & Glossberg LLC IL acquired a new stake in shares of Varonis Systems during the second quarter valued at $213,000. Institutional investors own 41.00% of the company’s stock.
Varonis Systems Company Profile
Varonis Systems, Inc (Varonis) provides a software platform that allows enterprises to analyze, secure, manage and utilize their unstructured data. The Company specializes in human-generated data, a type of unstructured data that includes an enterprise’s spreadsheets, word processing documents, presentations, audio files, video files, e-mails, text messages and any other data created by employees.
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