Varonis Systems Inc. (VRNS) Upgraded to Buy at Zacks Investment Research
Varonis Systems Inc. (NASDAQ:VRNS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $34.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.69% from the stock’s previous close.
According to Zacks, “Varonis Systems Inc. provides an innovative software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Its products include DatAdvantage, DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnywhere. The company sells its products to small and medium businesses, and large multinational enterprises in financial services, consumer and retail, industrial, healthcare, and energy and utilities industries. Varonis Systems Inc. is headquartered in New York. “
A number of other analysts have also weighed in on the stock. Needham & Company LLC upgraded shares of Varonis Systems from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Wednesday, August 10th. Summit Redstone restated a “buy” rating and set a $30.00 price objective on shares of Varonis Systems in a research note on Thursday, June 30th. Brean Capital restated a “buy” rating on shares of Varonis Systems in a research note on Friday, June 10th. Barclays PLC raised their price objective on shares of Varonis Systems from $20.00 to $27.00 and gave the company an “equal weight” rating in a research note on Friday, July 15th. Finally, RBC Capital Markets restated an “outperform” rating and set a $32.00 price objective (up from $27.00) on shares of Varonis Systems in a research note on Thursday, August 11th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $31.00.
Shares of Varonis Systems (NASDAQ:VRNS) opened at 30.14 on Thursday. Varonis Systems has a 52-week low of $13.25 and a 52-week high of $30.63. The stock has a 50 day moving average of $29.34 and a 200 day moving average of $24.49. The company’s market cap is $795.36 million.
Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The business earned $38.60 million during the quarter, compared to analyst estimates of $36.60 million. Varonis Systems had a negative net margin of 13.27% and a negative return on equity of 24.20%. Varonis Systems’s revenue was up 32.2% compared to the same quarter last year. During the same period last year, the business earned ($0.18) EPS. On average, equities research analysts expect that Varonis Systems will post ($0.34) EPS for the current year.
In other Varonis Systems news, CEO Yakov Faitelson sold 10,683 shares of Varonis Systems stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $26.00, for a total transaction of $277,758.00. Following the transaction, the chief executive officer now owns 1,211,347 shares of the company’s stock, valued at $31,495,022. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James O’boyle sold 8,000 shares of Varonis Systems stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $28.90, for a total transaction of $231,200.00. Following the transaction, the senior vice president now directly owns 179,102 shares in the company, valued at approximately $5,176,047.80. The disclosure for this sale can be found here. 31.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of VRNS. BlackRock Advisors LLC increased its position in shares of Varonis Systems by 11.6% in the second quarter. BlackRock Advisors LLC now owns 5,967 shares of the company’s stock valued at $143,000 after buying an additional 620 shares in the last quarter. American International Group Inc. increased its position in shares of Varonis Systems by 17.4% in the second quarter. American International Group Inc. now owns 6,159 shares of the company’s stock valued at $148,000 after buying an additional 913 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Varonis Systems by 21.0% in the second quarter. Nationwide Fund Advisors now owns 6,986 shares of the company’s stock valued at $168,000 after buying an additional 1,211 shares in the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in shares of Varonis Systems during the second quarter valued at $178,000. Finally, Gofen & Glossberg LLC IL purchased a new position in shares of Varonis Systems during the second quarter valued at $213,000. 41.00% of the stock is currently owned by institutional investors and hedge funds.
Varonis Systems Company Profile
Varonis Systems, Inc (Varonis) provides a software platform that allows enterprises to analyze, secure, manage and utilize their unstructured data. The Company specializes in human-generated data, a type of unstructured data that includes an enterprise’s spreadsheets, word processing documents, presentations, audio files, video files, e-mails, text messages and any other data created by employees.
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