Varonis Systems, Inc. (NASDAQ:VRNS) Receives $59.38 Consensus Price Target from Brokerages

Varonis Systems, Inc. (NASDAQ:VRNS) has been given a consensus recommendation of “Moderate Buy” by the seventeen brokerages that are currently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $59.38.

A number of brokerages have issued reports on VRNS. JPMorgan Chase & Co. lifted their price target on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Citigroup reduced their target price on Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Cantor Fitzgerald initiated coverage on Varonis Systems in a research note on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Varonis Systems in a research note on Wednesday, February 5th. Finally, DA Davidson decreased their price objective on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th.

Varonis Systems Stock Performance

NASDAQ:VRNS opened at $42.90 on Thursday. The stock has a 50-day moving average price of $44.43 and a 200 day moving average price of $50.62. The stock has a market capitalization of $4.83 billion, a P/E ratio of -49.88 and a beta of 0.83. Varonis Systems has a 12-month low of $39.62 and a 12-month high of $60.58. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. Equities research analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Varonis Systems declared that its board has approved a share repurchase program on Monday, February 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Varonis Systems

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Varonis Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,246,769 shares of the technology company’s stock valued at $544,124,000 after buying an additional 193,210 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Varonis Systems by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,615,462 shares of the technology company’s stock valued at $147,801,000 after acquiring an additional 29,050 shares during the period. First Trust Advisors LP grew its position in Varonis Systems by 4.8% in the 4th quarter. First Trust Advisors LP now owns 2,501,581 shares of the technology company’s stock valued at $111,145,000 after acquiring an additional 113,573 shares during the last quarter. William Blair Investment Management LLC increased its stake in Varonis Systems by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 2,290,114 shares of the technology company’s stock worth $101,750,000 after purchasing an additional 52,971 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in shares of Varonis Systems by 1.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,287,544 shares of the technology company’s stock worth $101,636,000 after purchasing an additional 29,852 shares during the last quarter. Institutional investors own 95.65% of the company’s stock.

About Varonis Systems

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.