Varonis Systems’ (VRNS) Buy Rating Reiterated at Royal Bank Of Canada
Varonis Systems, Inc. (NASDAQ:VRNS)‘s stock had its “buy” rating reaffirmed by equities researchers at Royal Bank Of Canada in a research report issued on Thursday. They presently have a $42.00 target price on the technology company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 8.95% from the company’s current price.
A number of other research analysts have also recently commented on the company. Needham & Company LLC increased their price target on Varonis Systems from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, May 15th. Stifel Nicolaus lifted their price objective on Varonis Systems from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. Benchmark Co. began coverage on Varonis Systems in a research report on Thursday, April 27th. They issued a “buy” rating and a $40.00 price objective for the company. Zacks Investment Research raised Varonis Systems from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Tuesday, April 18th. Finally, Morgan Stanley raised Varonis Systems from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $24.00 to $35.00 in a research report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. Varonis Systems presently has a consensus rating of “Buy” and an average target price of $38.91.
Varonis Systems (NASDAQ:VRNS) traded down 1.66% during mid-day trading on Thursday, reaching $38.55. The company’s stock had a trading volume of 156,569 shares. The company has a 50 day moving average of $36.97 and a 200-day moving average of $32.14. The stock’s market cap is $1.05 billion. Varonis Systems has a 52-week low of $23.71 and a 52-week high of $39.30.
Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported ($0.23) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.07. The business had revenue of $40.40 million for the quarter, compared to the consensus estimate of $37.45 million. Varonis Systems had a negative return on equity of 23.33% and a negative net margin of 10.46%. The firm’s quarterly revenue was up 32.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.29) earnings per share.
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In other news, insider Ohad Korkus sold 97,844 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $32.01, for a total value of $3,131,986.44. Following the completion of the sale, the insider now directly owns 676,798 shares in the company, valued at approximately $21,664,303.98. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Yakov Faitelson sold 91,385 shares of Varonis Systems stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $32.02, for a total value of $2,926,147.70. Following the transaction, the chief executive officer now owns 709,378 shares of the company’s stock, valued at approximately $22,714,283.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 702,032 shares of company stock valued at $24,206,217. 19.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in VRNS. State Treasurer State of Michigan bought a new position in Varonis Systems during the second quarter worth about $487,000. Bank of Montreal Can increased its position in Varonis Systems by 151.4% in the second quarter. Bank of Montreal Can now owns 125,252 shares of the technology company’s stock worth $4,659,000 after buying an additional 75,434 shares during the period. Clearbridge Investments LLC increased its position in Varonis Systems by 2.4% in the first quarter. Clearbridge Investments LLC now owns 532,502 shares of the technology company’s stock worth $16,934,000 after buying an additional 12,590 shares during the period. Driehaus Capital Management LLC bought a new position in Varonis Systems during the first quarter worth about $5,694,000. Finally, Credit Suisse AG increased its position in Varonis Systems by 109.5% in the first quarter. Credit Suisse AG now owns 290,948 shares of the technology company’s stock worth $9,252,000 after buying an additional 152,048 shares during the period. Institutional investors and hedge funds own 61.39% of the company’s stock.
Varonis Systems Company Profile
Varonis Systems, Inc provides a solutions that protect data from insider threats and cyberattacks. The Company’s products include DatAdvantage, DataPrivilege, Interface Data Unit Classification Framework, Data Transport Engine, DatAnywhere and DatAnswers. Its platform allows enterprises to analyze, secure, manage and migrate volumes of unstructured data.
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