Varonis Systems (NASDAQ:VRNS) Sets New 12-Month Low on Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS – Get Rating)’s stock price reached a new 52-week low on Monday after Royal Bank of Canada lowered their price target on the stock from $55.00 to $35.00. The stock traded as low as $24.62 and last traded at $25.05, with a volume of 1780 shares changing hands. The stock had previously closed at $25.43.

VRNS has been the subject of a number of other reports. Wells Fargo & Company reduced their price target on shares of Varonis Systems from $60.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. Truist Financial reduced their price target on shares of Varonis Systems from $65.00 to $50.00 in a research report on Tuesday, May 10th. Piper Sandler reduced their price target on shares of Varonis Systems from $55.00 to $45.00 in a research report on Wednesday, July 13th. Wedbush cut their price objective on shares of Varonis Systems from $60.00 to $52.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 3rd. Finally, Summit Insights reaffirmed a “buy” rating on shares of Varonis Systems in a research report on Monday, May 2nd. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.15.

Insider Buying and Selling at Varonis Systems

In related news, Director Avrohom J. Kess purchased 2,400 shares of the stock in a transaction on Monday, May 9th. The shares were bought at an average price of $29.95 per share, for a total transaction of $71,880.00. Following the completion of the acquisition, the director now directly owns 8,810 shares in the company, valued at approximately $263,859.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Avrohom J. Kess acquired 2,400 shares of the stock in a transaction dated Monday, May 9th. The shares were acquired at an average price of $29.95 per share, for a total transaction of $71,880.00. Following the completion of the purchase, the director now owns 8,810 shares in the company, valued at approximately $263,859.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ofer Segev sold 1,500 shares of the firm’s stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $31.48, for a total transaction of $47,220.00. Following the completion of the sale, the director now owns 75,410 shares in the company, valued at approximately $2,373,906.80. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently modified their holdings of VRNS. Byrne Asset Management LLC acquired a new stake in shares of Varonis Systems in the first quarter worth $25,000. Evoke Wealth LLC acquired a new stake in Varonis Systems during the fourth quarter worth $30,000. Quadrant Capital Group LLC boosted its stake in Varonis Systems by 116.7% during the first quarter. Quadrant Capital Group LLC now owns 622 shares of the technology company’s stock worth $30,000 after buying an additional 335 shares in the last quarter. Ellevest Inc. boosted its stake in Varonis Systems by 586.0% during the second quarter. Ellevest Inc. now owns 1,228 shares of the technology company’s stock worth $36,000 after buying an additional 1,049 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in Varonis Systems by 140.5% during the first quarter. Parallel Advisors LLC now owns 885 shares of the technology company’s stock worth $42,000 after buying an additional 517 shares in the last quarter. Institutional investors and hedge funds own 93.20% of the company’s stock.

Varonis Systems Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 4.61 and a quick ratio of 4.61. The stock’s 50 day simple moving average is $30.53 and its two-hundred day simple moving average is $37.15. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -20.98 and a beta of 1.17.

Varonis Systems (NASDAQ:VRNS – Get Rating) last posted its quarterly earnings results on Monday, May 2nd. The technology company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.10). Varonis Systems had a negative return on equity of 19.97% and a negative net margin of 31.58%. The business had revenue of $96.26 million for the quarter, compared to analyst estimates of $96.00 million. During the same quarter in the prior year, the firm earned ($0.34) EPS. On average, analysts forecast that Varonis Systems, Inc. will post -0.9 earnings per share for the current fiscal year.

Varonis Systems Company Profile

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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; strategic and product plans; and other intellectual property.

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