Varonis Systems (VRNS) Price Target Lowered to $68.00 at Oppenheimer

Varonis Systems (NASDAQ:VRNS) had its price target cut by equities researchers at Oppenheimer from $80.00 to $68.00 in a report issued on Tuesday. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective would indicate a potential upside of 6.32% from the company’s current price.

A number of other brokerages have also weighed in on VRNS. Robert W. Baird initiated coverage on Varonis Systems in a research note on Thursday, October 18th. They issued an “outperform” rating and a $75.00 target price for the company. Morgan Stanley set a $70.00 target price on Varonis Systems and gave the company a “hold” rating in a research note on Friday, October 19th. Wedbush initiated coverage on Varonis Systems in a research note on Thursday, October 18th. They issued a “neutral” rating and a $65.00 target price for the company. Craig Hallum lowered Varonis Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Benchmark lowered Varonis Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $72.06.

Shares of NASDAQ VRNS opened at $63.96 on Tuesday. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -127.92 and a beta of 0.99. Varonis Systems has a 52-week low of $48.67 and a 52-week high of $83.10.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Monday, February 11th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.20. Varonis Systems had a negative return on equity of 26.27% and a negative net margin of 11.53%. On average, equities research analysts anticipate that Varonis Systems will post -0.9 EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. First Manhattan Co. increased its position in Varonis Systems by 412.1% in the third quarter. First Manhattan Co. now owns 8,015 shares of the technology company’s stock worth $587,000 after purchasing an additional 6,450 shares during the period. Credit Suisse AG grew its position in shares of Varonis Systems by 19.9% during the 3rd quarter. Credit Suisse AG now owns 883,279 shares of the technology company’s stock worth $64,701,000 after buying an additional 146,311 shares during the period. AQR Capital Management LLC grew its position in shares of Varonis Systems by 14.4% during the 3rd quarter. AQR Capital Management LLC now owns 95,341 shares of the technology company’s stock worth $6,984,000 after buying an additional 12,015 shares during the period. Chartwell Investment Partners LLC grew its position in shares of Varonis Systems by 2.2% during the 4th quarter. Chartwell Investment Partners LLC now owns 70,163 shares of the technology company’s stock worth $3,712,000 after buying an additional 1,481 shares during the period. Finally, Morgens Waterfall Vintiadis & Co. Inc. grew its position in shares of Varonis Systems by 5.6% during the 3rd quarter. Morgens Waterfall Vintiadis & Co. Inc. now owns 45,000 shares of the technology company’s stock worth $3,296,000 after buying an additional 2,400 shares during the period. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.

Further Reading: Growth Stocks

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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