Varonis Systems (NASDAQ:VRNS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a $67.00 price objective on the technology company’s stock.

Several other research firms also recently weighed in on VRNS. Robert W. Baird raised their target price on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Barclays increased their price objective on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. DA Davidson lowered their target price on shares of Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, December 12th. UBS Group increased their target price on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of Varonis Systems in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.35.

Varonis Systems Price Performance

Varonis Systems stock opened at $45.13 on Monday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.81 and a current ratio of 1.81. The company’s fifty day moving average price is $48.98 and its 200 day moving average price is $51.69. The stock has a market capitalization of $5.08 billion, a P/E ratio of -60.17 and a beta of 0.83. Varonis Systems has a 1 year low of $41.13 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Tuesday, October 29th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. The business had revenue of $148.07 million during the quarter, compared to analysts’ expectations of $141.62 million. During the same quarter in the previous year, the company earned ($0.22) earnings per share. The company’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, equities research analysts anticipate that Varonis Systems will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total value of $4,905,226.50. Following the transaction, the chief financial officer now owns 504,598 shares of the company’s stock, valued at $27,096,912.60. This represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the sale, the insider now owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Varonis Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in shares of Varonis Systems by 445.3% during the third quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after buying an additional 423 shares during the period. International Assets Investment Management LLC lifted its stake in Varonis Systems by 5,550.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock worth $140,000 after acquiring an additional 2,442 shares in the last quarter. KBC Group NV boosted its holdings in Varonis Systems by 25.5% during the 3rd quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after acquiring an additional 663 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Varonis Systems in the 3rd quarter valued at about $184,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Varonis Systems during the second quarter worth about $215,000. Hedge funds and other 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.