Varonis Systems (NASDAQ:VRNS) Given New $58.00 Price Target at Royal Bank of Canada

Varonis Systems (NASDAQ:VRNS) had its price objective raised by Royal Bank of Canada from $56.00 to $58.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

VRNS has been the topic of several other reports. JMP Securities restated a market outperform rating and set a $63.00 target price on shares of Varonis Systems in a research report on Monday, February 5th. Truist Financial restated a buy rating and set a $55.00 target price (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Wedbush upgraded shares of Varonis Systems from a neutral rating to an outperform rating and lifted their price target for the company from $35.00 to $65.00 in a research report on Tuesday, February 6th. Piper Sandler upped their price target on Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a report on Tuesday, February 6th. Finally, DA Davidson reaffirmed a neutral rating and set a $45.00 price objective (up from $37.00) on shares of Varonis Systems in a report on Thursday, January 18th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Varonis Systems has a consensus rating of Moderate Buy and an average target price of $49.06.

Varonis Systems Price Performance

Shares of NASDAQ:VRNS opened at $45.00 on Tuesday. Varonis Systems has a 52 week low of $22.87 and a 52 week high of $52.88. The company has a 50-day moving average price of $46.85 and a 200 day moving average price of $44.32. The company has a market cap of $5.02 billion, a P/E ratio of -48.91 and a beta of 0.84. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.51.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.08. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. The business had revenue of $154.10 million during the quarter, compared to analysts’ expectations of $151.64 million. Research analysts predict that Varonis Systems will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Gili Iohan sold 19,500 shares of Varonis Systems stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $50.54, for a total transaction of $985,530.00. Following the sale, the director now owns 19,263 shares in the company, valued at $973,552.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Gili Iohan sold 19,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $50.54, for a total transaction of $985,530.00. Following the completion of the sale, the director now directly owns 19,263 shares in the company, valued at $973,552.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dov Gottlieb sold 43,091 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.02, for a total value of $2,069,229.82. Following the completion of the transaction, the vice president now owns 227,654 shares in the company, valued at approximately $10,931,945.08. The disclosure for this sale can be found here. Insiders sold a total of 372,419 shares of company stock worth $18,571,413 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Trading of Varonis Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in VRNS. Vanguard Group Inc. increased its position in shares of Varonis Systems by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 11,251,092 shares of the technology company’s stock worth $343,608,000 after purchasing an additional 180,082 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Varonis Systems by 53.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 288,828 shares of the technology company’s stock valued at $13,078,000 after buying an additional 100,324 shares during the last quarter. Lisanti Capital Growth LLC acquired a new stake in Varonis Systems during the third quarter valued at approximately $5,257,000. Lord Abbett & CO. LLC bought a new position in Varonis Systems during the 3rd quarter worth approximately $36,317,000. Finally, California Public Employees Retirement System grew its position in shares of Varonis Systems by 11.2% in the 3rd quarter. California Public Employees Retirement System now owns 199,139 shares of the technology company’s stock worth $6,082,000 after acquiring an additional 20,058 shares in 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.