Varonis Systems (NASDAQ:VRNS) Price Target Raised to $45.00 at Morgan Stanley

Varonis Systems (NASDAQ:VRNS) had its target price increased by research analysts at Morgan Stanley from $42.00 to $45.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price suggests a potential upside of 22.55% from the stock’s current price.

A number of other equities research analysts have also recently commented on VRNS. Royal Bank of Canada raised their target price on Varonis Systems from $30.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. TD Cowen raised their price objective on Varonis Systems from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, August 1st. JMP Securities reaffirmed a “market outperform” rating and set a $63.00 target price on shares of Varonis Systems in a research note on Wednesday, August 2nd. Craig Hallum raised shares of Varonis Systems from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Tuesday, August 1st. Finally, Wedbush boosted their price target on shares of Varonis Systems from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.31.

Varonis Systems Stock Performance

NASDAQ VRNS traded up $0.84 during mid-day trading on Tuesday, reaching $36.72. 127,153 shares of the stock were exchanged, compared to its average volume of 966,844. The company has a market capitalization of $4.00 billion, a P/E ratio of -36.54 and a beta of 0.78. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.57 and a current ratio of 2.57. The business’s 50 day moving average is $31.78 and its 200-day moving average is $28.63. Varonis Systems has a 1 year low of $19.48 and a 1 year high of $37.25.

Insider Activity

In other Varonis Systems news, EVP David Bass sold 150,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $33.00, for a total value of $4,950,000.00. Following the completion of the sale, the executive vice president now directly owns 500,756 shares of the company’s stock, valued at approximately $16,524,948. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently bought and sold shares of VRNS. Dark Forest Capital Management LP acquired a new position in Varonis Systems in the first quarter valued at approximately $26,000. Point72 Hong Kong Ltd purchased a new stake in Varonis Systems in the second quarter valued at $30,000. Pinebridge Investments L.P. purchased a new stake in Varonis Systems in the second quarter valued at $33,000. Captrust Financial Advisors lifted its stake in shares of Varonis Systems by 35.9% in the 1st quarter. Captrust Financial Advisors now owns 1,385 shares of the technology company’s stock valued at $66,000 after purchasing an additional 366 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Varonis Systems by 91.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,096 shares of the technology company’s stock worth $99,000 after purchasing an additional 1,003 shares during the period. 92.47% of the stock is currently owned by institutional investors and hedge funds.

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; strategic and product plans; and other intellectual property.