Zacks Investment Research upgraded shares of Varonis Systems (NASDAQ:VRNS) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

VRNS has been the topic of a number of other research reports. BidaskClub raised Varonis Systems from a hold rating to a buy rating in a research report on Thursday, January 31st. Barclays reissued a neutral rating on shares of Varonis Systems in a research report on Wednesday, February 13th. CIBC lowered their price target on Varonis Systems from $80.00 to $68.00 and set an outperform rating on the stock in a research report on Tuesday, February 12th. Royal Bank of Canada lowered their price target on Varonis Systems from $80.00 to $65.00 and set an outperform rating on the stock in a research report on Tuesday, February 12th. Finally, Oppenheimer lowered their price target on Varonis Systems from $80.00 to $68.00 and set an outperform rating on the stock in a research report on Tuesday, February 12th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $67.86.

NASDAQ:VRNS opened at $59.99 on Wednesday. The stock has a market capitalization of $1.80 billion, a P/E ratio of -61.21 and a beta of 0.96. Varonis Systems has a 52-week low of $48.67 and a 52-week high of $83.10.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, February 11th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.11. The business had revenue of $87.52 million for the quarter, compared to the consensus estimate of $87.33 million. Varonis Systems had a negative return on equity of 24.02% and a negative net margin of 10.57%. Research analysts expect that Varonis Systems will post -1.16 EPS for the current year.

In other news, CEO Yakov Faitelson sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $54.72, for a total transaction of $1,641,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.80% of the company’s stock.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Varonis Systems by 33.6% during the third quarter. Vanguard Group Inc. now owns 2,630,173 shares of the technology company’s stock worth $192,659,000 after acquiring an additional 661,763 shares during the period. Vanguard Group Inc boosted its holdings in shares of Varonis Systems by 33.6% during the third quarter. Vanguard Group Inc now owns 2,630,173 shares of the technology company’s stock worth $192,659,000 after acquiring an additional 661,763 shares during the period. BlackRock Inc. boosted its holdings in shares of Varonis Systems by 2.5% during the third quarter. BlackRock Inc. now owns 2,020,727 shares of the technology company’s stock worth $148,020,000 after acquiring an additional 49,804 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Varonis Systems by 2.8% during the third quarter. Clearbridge Investments LLC now owns 541,655 shares of the technology company’s stock worth $39,676,000 after acquiring an additional 14,574 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Varonis Systems by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 330,691 shares of the technology company’s stock worth $17,493,000 after acquiring an additional 2,613 shares during the period. Institutional investors own 85.45% of the company’s stock.

About Varonis Systems

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, and secure enterprise data. Its software allows enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential customer, and patient and employee data; financial records; strategic and product plans; and other intellectual property.

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