CIBC Cuts Varonis Systems (VRNS) Price Target to $68.00

Varonis Systems (NASDAQ:VRNS) had its price target decreased by CIBC from $80.00 to $68.00 in a note issued to investors on Tuesday. The brokerage currently has an “outperform” rating on the technology company’s stock. CIBC’s price objective points to a potential upside of 26.82% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $73.00 price objective (down from $81.00) on shares of Varonis Systems in a research note on Tuesday. Royal Bank of Canada lowered their price objective on shares of Varonis Systems from $80.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday. Oppenheimer lowered their price objective on shares of Varonis Systems from $80.00 to $68.00 and set an “outperform” rating for the company in a research note on Tuesday. UBS Group lowered their price objective on shares of Varonis Systems from $80.00 to $68.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Craig Hallum lowered shares of Varonis Systems from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $68.00 to $49.70 in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Varonis Systems has a consensus rating of “Buy” and an average target price of $67.09.

Shares of VRNS traded down $1.61 during trading hours on Tuesday, reaching $53.62. 214,559 shares of the company traded hands, compared to its average volume of 519,688. The firm has a market capitalization of $1.63 billion, a P/E ratio of -107.24 and a beta of 0.99. Varonis Systems has a 12-month low of $48.67 and a 12-month high of $83.10.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, February 11th. The technology company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.11. Varonis Systems had a negative net margin of 11.53% and a negative return on equity of 26.27%. The company had revenue of $87.52 million during the quarter, compared to analyst estimates of $87.33 million. As a group, equities analysts forecast that Varonis Systems will post -0.9 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Varonis Systems by 33.6% during the third quarter. Vanguard Group Inc. now owns 2,630,173 shares of the technology company’s stock valued at $192,659,000 after buying an additional 661,763 shares during the last quarter. Vanguard Group Inc lifted its position in shares of Varonis Systems by 33.6% during the third quarter. Vanguard Group Inc now owns 2,630,173 shares of the technology company’s stock valued at $192,659,000 after buying an additional 661,763 shares during the last quarter. BlackRock Inc. lifted its position in shares of Varonis Systems by 2.5% during the third quarter. BlackRock Inc. now owns 2,020,727 shares of the technology company’s stock valued at $148,020,000 after buying an additional 49,804 shares during the last quarter. Credit Suisse AG lifted its position in shares of Varonis Systems by 19.9% during the third quarter. Credit Suisse AG now owns 883,279 shares of the technology company’s stock valued at $64,701,000 after buying an additional 146,311 shares during the last quarter. Finally, Jackson Square Partners LLC lifted its position in shares of Varonis Systems by 9,878.9% during the third quarter. Jackson Square Partners LLC now owns 662,097 shares of the technology company’s stock valued at $48,498,000 after buying an additional 655,462 shares during the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Company Profile

Varonis Systems, Inc provides software solutions that protect data from insider threats and cyberattacks. The company, through its software, allows organizations to protect data stored on premises and on cloud, such as sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property.

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Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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