Brokerages Set Varonis Systems, Inc. (NASDAQ:VRNS) Target Price at $56.00

Varonis Systems, Inc. (NASDAQ:VRNS) has been given an average rating of “Moderate Buy” by the nineteen analysts that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $55.06.

Several equities analysts have recently issued reports on the stock. Wolfe Research raised shares of Varonis Systems from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Friday, March 28th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Varonis Systems in a report on Wednesday. Morgan Stanley reduced their target price on Varonis Systems from $54.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price objective on Varonis Systems from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 target price on shares of Varonis Systems in a research note on Wednesday, February 5th.

Varonis Systems Stock Up 0.4 %

Shares of NASDAQ:VRNS opened at $45.47 on Tuesday. Varonis Systems has a 52-week low of $36.53 and a 52-week high of $60.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of -52.87 and a beta of 0.79. The company has a 50 day moving average of $41.27 and a two-hundred day moving average of $45.22.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. The company had revenue of $136.42 million for the quarter, compared to analyst estimates of $133.10 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems declared that its Board of Directors has initiated a share buyback plan on Monday, February 10th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Varonis Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Mutual of America Capital Management LLC grew its position in Varonis Systems by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 85,255 shares of the technology company’s stock valued at $3,449,000 after acquiring an additional 284 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Varonis Systems by 7.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,340 shares of the technology company’s stock valued at $193,000 after acquiring an additional 298 shares during the period. Teza Capital Management LLC lifted its position in Varonis Systems by 3.1% during the fourth quarter. Teza Capital Management LLC now owns 9,840 shares of the technology company’s stock valued at $437,000 after purchasing an additional 299 shares during the period. Summit Investment Advisors Inc. boosted its position in Varonis Systems by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,534 shares of the technology company’s stock worth $512,000 after purchasing an additional 365 shares in the last quarter. Finally, Bailard Inc. boosted its position in Varonis Systems by 0.4% during the fourth quarter. Bailard Inc. now owns 93,627 shares of the technology company’s stock worth $4,160,000 after purchasing an additional 417 shares in the last quarter. Institutional investors own 95.65% of the company’s stock.

Varonis Systems Company Profile

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; source code, strategic and product plans; and other intellectual property.