Royal Bank of Canada Increases Varonis Systems (VRNS) Price Target to $63.00

Varonis Systems (NASDAQ:VRNS) had its target price increased by analysts at Royal Bank of Canada to $63.00 in a note issued to investors on Tuesday, The Fly reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 16.88% from the stock’s previous close.

VRNS has been the subject of a number of other reports. Zacks Investment Research raised Varonis Systems from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Thursday, November 2nd. Barclays reissued a “neutral” rating on shares of Varonis Systems in a research note on Tuesday, December 19th. Oppenheimer reissued a “buy” rating and set a $57.00 target price on shares of Varonis Systems in a research note on Wednesday, December 13th. Jefferies Group increased their target price on Varonis Systems from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Finally, Stephens reissued a “buy” rating and set a $58.00 target price on shares of Varonis Systems in a research note on Friday, January 12th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $55.18.

Shares of Varonis Systems (NASDAQ:VRNS) opened at $53.90 on Tuesday. Varonis Systems has a 1 year low of $26.35 and a 1 year high of $55.85. The firm has a market capitalization of $1,458.75, a P/E ratio of -92.93 and a beta of 0.89.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Varonis Systems had a negative return on equity of 18.97% and a negative net margin of 7.91%. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $66.29 million. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 34.6% on a year-over-year basis. research analysts predict that Varonis Systems will post -0.48 EPS for the current year.

In related news, CFO Guy Melamed sold 897 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $48.95, for a total value of $43,908.15. Following the completion of the transaction, the chief financial officer now directly owns 95,408 shares of the company’s stock, valued at approximately $4,670,221.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Yakov Faitelson sold 46,569 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $51.16, for a total value of $2,382,470.04. Following the completion of the transaction, the chief executive officer now directly owns 211,572 shares of the company’s stock, valued at $10,824,023.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,323 shares of company stock valued at $13,977,286. Company insiders own 19.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRNS. CAPROCK Group Inc. purchased a new position in Varonis Systems in the 4th quarter valued at approximately $220,000. Schmidt P J Investment Management Inc. purchased a new position in Varonis Systems in the 3rd quarter valued at approximately $243,000. Teacher Retirement System of Texas purchased a new position in Varonis Systems in the 4th quarter valued at approximately $254,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Varonis Systems by 327.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,872 shares of the technology company’s stock valued at $288,000 after purchasing an additional 5,263 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Varonis Systems in the 3rd quarter valued at approximately $304,000. 84.91% of the stock is owned by hedge funds and other institutional investors.

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About Varonis Systems

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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