Barclays Raises Varonis Systems (NASDAQ:VRNS) Price Target to $55.00

Varonis Systems (NASDAQ:VRNS) had its target price hoisted by Barclays from $53.00 to $55.00 in a research note issued to investors on Thursday, Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently issued reports on VRNS. Truist Financial reaffirmed a buy rating and set a $55.00 price objective (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Royal Bank of Canada raised their price objective on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a report on Tuesday, May 7th. Robert W. Baird boosted their price objective on shares of Varonis Systems from $48.00 to $50.00 and gave the stock a neutral rating in a research report on Tuesday, May 7th. Needham & Company LLC reaffirmed a hold rating on shares of Varonis Systems in a research report on Monday, May 13th. Finally, JPMorgan Chase & Co. raised shares of Varonis Systems from a neutral rating to an overweight rating and boosted their price target for the company from $50.00 to $54.00 in a research report on Friday, June 14th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $50.44.

Varonis Systems Stock Performance

Shares of VRNS opened at $49.45 on Thursday. Varonis Systems has a 1 year low of $25.97 and a 1 year high of $52.88. The stock has a market capitalization of $5.51 billion, a PE ratio of -52.61 and a beta of 0.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a 50-day simple moving average of $44.62 and a 200-day simple moving average of $46.05.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Monday, May 6th. The technology company reported ($0.37) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.37). Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. The company had revenue of $114.02 million during the quarter, compared to the consensus estimate of $113.81 million. On average, analysts predict that Varonis Systems will post -0.98 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the sale, the chief executive officer now owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Varonis Systems

Several hedge funds have recently modified their holdings of VRNS. Natixis Advisors L.P. lifted its holdings in Varonis Systems by 3.7% in the fourth quarter. Natixis Advisors L.P. now owns 10,441 shares of the technology company’s stock valued at $472,000 after acquiring an additional 370 shares during the period. Quadrant Capital Group LLC boosted its holdings in Varonis Systems by 87.2% during the fourth quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company’s stock worth $42,000 after buying an additional 429 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in Varonis Systems by 12.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 7,713 shares of the technology company’s stock worth $364,000 after buying an additional 865 shares during the period. Fidelis Capital Partners LLC purchased a new position in Varonis Systems in the first quarter valued at about $63,000. Finally, NBC Securities Inc. acquired a new stake in shares of Varonis Systems during the 1st quarter valued at approximately $68,000. 95.65% of the stock is owned by institutional investors and hedge funds.

About Varonis Systems

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.