UBS Group Raises Varonis Systems (NASDAQ:VRNS) Price Target to $70.00

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

Several other analysts have also recently commented on the stock. Robert W. Baird lifted their price objective on shares of Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler lifted their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Truist Financial restated a “buy” rating and set a $60.00 price objective (up from $55.00) on shares of Varonis Systems in a research note on Tuesday, July 30th. Wedbush restated an “outperform” rating and set a $67.00 price objective on shares of Varonis Systems in a research note on Monday, August 26th. Finally, TD Cowen lifted their price objective on shares of Varonis Systems from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Six 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 company’s stock. According to MarketBeat.com, Varonis Systems has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Varonis Systems Price Performance

VRNS stock opened at $56.58 on Wednesday. The firm has a 50 day moving average of $56.06 and a 200 day moving average of $49.63. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. Varonis Systems has a 52 week low of $30.89 and a 52 week high of $60.58.

Varonis Systems (NASDAQ:VRNS) last released 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 company had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. Varonis Systems’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business earned ($0.35) EPS. Equities analysts predict that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC acquired a new stake in Varonis Systems during the 1st quarter worth $63,000. International Assets Investment Management LLC boosted 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 purchasing an additional 2,442 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Varonis Systems during the 2nd quarter worth $215,000. O Neil Global Advisors Inc. boosted its stake in Varonis Systems by 4.8% during the 2nd quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock worth $229,000 after purchasing an additional 220 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Varonis Systems during the 2nd quarter worth $260,000. 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.