Needham & Company LLC Boosts Varonis Systems (VRNS) Price Target to $65.00

Varonis Systems (NASDAQ:VRNS) had its price target increased by Needham & Company LLC from $52.00 to $65.00 in a report issued on Friday, MarketBeat.com reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 19.82% from the stock’s current price.

VRNS has been the subject of several other research reports. Royal Bank of Canada reissued a “buy” rating and issued a $55.00 price target on shares of Varonis Systems in a research report on Thursday, December 7th. Zacks Investment Research raised shares of Varonis Systems from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Thursday, November 2nd. Barclays reaffirmed a “neutral” rating on shares of Varonis Systems in a research note on Tuesday, December 19th. Oppenheimer reaffirmed a “buy” rating and set a $57.00 price objective on shares of Varonis Systems in a research note on Wednesday, December 13th. Finally, Jefferies Group upped their price objective on shares of Varonis Systems from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $52.27.

Varonis Systems (NASDAQ:VRNS) traded up $1.45 during trading hours on Friday, reaching $54.25. 481,030 shares of the company traded hands, compared to its average volume of 171,218. Varonis Systems has a 52-week low of $25.20 and a 52-week high of $55.17. The firm has a market capitalization of $1,469.89, a price-to-earnings ratio of -93.53 and a beta of 0.80.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.06 earnings per share (EPS) for the quarter. Varonis Systems had a negative net margin of 7.91% and a negative return on equity of 18.97%. The firm had revenue of $53.60 million during the quarter, compared to analyst estimates of $50.53 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. research analysts forecast that Varonis Systems will post -0.53 earnings per share for the current year.

In other news, CEO Yakov Faitelson sold 46,569 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $51.16, for a total transaction of $2,382,470.04. Following the sale, the chief executive officer now directly owns 211,572 shares of the company’s stock, valued at $10,824,023.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy Melamed sold 605 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $43.65, for a total transaction of $26,408.25. Following the sale, the chief financial officer now directly owns 95,491 shares in the company, valued at $4,168,182.15. The disclosure for this sale can be found here. Insiders have sold 287,384 shares of company stock worth $14,505,934 over the last ninety days. Insiders own 19.50% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in VRNS. ETF Managers Group LLC bought a new stake in shares of Varonis Systems during the second quarter valued at approximately $18,092,000. Renaissance Technologies LLC grew its stake in shares of Varonis Systems by 4,112.1% during the second quarter. Renaissance Technologies LLC now owns 450,700 shares of the technology company’s stock valued at $16,766,000 after purchasing an additional 440,000 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Varonis Systems by 316.7% during the second quarter. UBS Asset Management Americas Inc. now owns 384,434 shares of the technology company’s stock valued at $14,301,000 after purchasing an additional 292,178 shares during the last quarter. Castleark Management LLC bought a new stake in shares of Varonis Systems during the second quarter valued at approximately $7,861,000. Finally, Picton Mahoney Asset Management grew its stake in shares of Varonis Systems by 92.0% during the second quarter. Picton Mahoney Asset Management now owns 334,700 shares of the technology company’s stock valued at $12,451,000 after purchasing an additional 160,400 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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