Varonis Systems (NASDAQ:VRNS) Given New $70.00 Price Target at UBS Group

Varonis Systems (NASDAQ:VRNS) had its price target raised by UBS Group from $63.00 to $70.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also recently issued reports on VRNS. Royal Bank of Canada increased their target price on Varonis Systems from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Susquehanna increased their price objective on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a report on Tuesday, July 30th. Truist Financial restated a “buy” rating and issued a $60.00 target price (up previously from $55.00) on shares of Varonis Systems in a research note on Tuesday, July 30th. Piper Sandler upped their price target on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird boosted their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Varonis Systems Price Performance

NASDAQ VRNS opened at $56.86 on Wednesday. The business has a 50 day simple moving average of $56.11 and a 200 day simple moving average of $49.76. Varonis Systems has a 52-week low of $30.89 and a 52-week high of $60.58. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.44 and a current ratio of 2.44. The stock has a market cap of $6.34 billion, a price-to-earnings ratio of -60.49 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The firm had revenue of $130.35 million for the quarter, compared to analyst estimates of $124.83 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. Analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Vice Chairman James O’boyle sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the transaction, the insider now owns 494,114 shares of the company’s stock, valued at $25,219,578.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Varonis Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Inspire Advisors LLC acquired a new stake in shares of Varonis Systems during the 1st quarter worth about $716,000. Seven Eight Capital LP acquired a new stake in Varonis Systems during the first quarter worth approximately $706,000. Diversified Trust Co acquired a new position in shares of Varonis Systems in the second quarter valued at approximately $575,000. Swedbank AB acquired a new position in shares of Varonis Systems in the first quarter valued at approximately $3,344,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Varonis Systems by 562.0% during the second quarter. Harbor Capital Advisors Inc. now owns 19,337 shares of the technology company’s stock worth $928,000 after purchasing an additional 16,416 shares during the period. 95.65% of the stock is owned by institutional investors.

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.