Varonis Systems (NASDAQ:VRNS) Releases Earnings Results, Beats Expectations By $0.07 EPS

Varonis Systems (NASDAQ:VRNS) announced its earnings results on Monday. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.07, Briefing.com reports. The business had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative return on equity of 18.28% and a negative net margin of 16.97%. Varonis Systems’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.35) earnings per share.

Varonis Systems Stock Up 0.8 %

Shares of NASDAQ VRNS traded up $0.42 during trading hours on Wednesday, hitting $56.01. The stock had a trading volume of 861,370 shares, compared to its average volume of 1,284,420. The firm’s 50-day moving average price is $45.71 and its two-hundred day moving average price is $46.40. Varonis Systems has a 52 week low of $28.15 and a 52 week high of $57.00. The company has a market capitalization of $6.25 billion, a P/E ratio of -59.14 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.

Insider Activity at Varonis Systems

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of the business’s stock in a transaction that occurred 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 directly owns 1,452,922 shares of the company’s stock, valued at $65,715,662.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on VRNS shares. Wedbush upped their price objective on shares of Varonis Systems from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday. Piper Sandler upped their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday. Baird R W upgraded shares of Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Varonis Systems in a report on Tuesday. Finally, Susquehanna raised their target price on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

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.