Wells Fargo & Company Issues Pessimistic Forecast for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its price objective dropped by investment analysts at Wells Fargo & Company from $48.00 to $46.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.04% from the stock’s current price.

Several other brokerages also recently issued reports on VRNS. DA Davidson reduced their price objective on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, December 19th. Robert W. Baird upped 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, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Citigroup lowered their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Five 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 MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.33.

Varonis Systems Trading Down 9.9 %

Shares of Varonis Systems stock traded down $4.65 during trading on Wednesday, hitting $42.19. The stock had a trading volume of 2,721,800 shares, compared to its average volume of 1,702,561. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $4.74 billion, a PE ratio of -56.14 and a beta of 0.83. Varonis Systems has a 1 year low of $41.07 and a 1 year high of $60.58. The stock has a 50 day simple moving average of $46.19 and a 200 day simple moving average of $51.36.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. On average, research analysts expect that Varonis Systems will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Guy Melamed sold 91,345 shares of Varonis Systems stock in a transaction that occurred on 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 trade represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in Varonis Systems by 761.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock worth $50,026,000 after acquiring an additional 995,274 shares during the last quarter. WCM Investment Management LLC acquired a new position in shares of Varonis Systems during the 3rd quarter worth about $17,419,000. Two Sigma Advisers LP lifted its position in shares of Varonis Systems by 46.7% during the 3rd quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company’s stock worth $47,415,000 after purchasing an additional 267,000 shares during the last quarter. Thematics Asset Management boosted its stake in Varonis Systems by 40.2% during the 3rd quarter. Thematics Asset Management now owns 530,000 shares of the technology company’s stock valued at $29,945,000 after purchasing an additional 152,000 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Varonis Systems by 9.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,783,873 shares of the technology company’s stock valued at $100,789,000 after buying an additional 147,081 shares during the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

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.