Varonis Systems (NASDAQ:VRNS) Shares Gap Up to $52.18

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) gapped up before the market opened on Friday . The stock had previously closed at $52.18, but opened at $53.40. Varonis Systems shares last traded at $51.90, with a volume of 1,079,514 shares changing hands.

Analyst Ratings Changes

VRNS has been the topic of several analyst reports. JPMorgan Chase & Co. raised shares of Varonis Systems from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $50.00 to $54.00 in a research report on Friday, June 14th. Robert W. Baird raised Varonis Systems from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $52.00 to $60.00 in a research report on Tuesday, July 30th. Truist Financial reissued a “buy” rating and issued a $60.00 target price (up previously from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. Barclays boosted their target price on Varonis Systems from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, TD Cowen boosted their target price on Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.33.

Varonis Systems Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44. The business’s 50 day moving average is $51.94 and its 200 day moving average is $47.91. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of -54.38 and a beta of 0.81.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. As a group, equities analysts expect that Varonis Systems, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Varonis Systems

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

Hedge Funds Weigh In On Varonis Systems

Several large investors have recently bought and sold shares of VRNS. Norges Bank acquired a new position in Varonis Systems in the fourth quarter valued at $50,723,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Varonis Systems by 126.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock valued at $90,336,000 after acquiring an additional 1,070,821 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Varonis Systems by 121.3% during the first quarter. Principal Financial Group Inc. now owns 1,503,683 shares of the technology company’s stock worth $70,929,000 after buying an additional 824,163 shares during the period. Hood River Capital Management LLC boosted its stake in shares of Varonis Systems by 40.8% during the first quarter. Hood River Capital Management LLC now owns 1,611,871 shares of the technology company’s stock worth $76,032,000 after buying an additional 466,688 shares during the period. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new stake in shares of Varonis Systems during the first quarter worth about $19,194,000. Institutional investors and hedge funds 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.