Zacks Investment Research upgraded shares of Varonis Systems Inc. (NASDAQ:VRNS) from a hold rating to a buy rating in a research note issued to investors on Thursday. Zacks Investment Research currently has $34.00 price target on the stock.
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 equities analysts have also recently 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 report on Wednesday, August 10th. Summit Redstone reiterated a buy rating and issued a $30.00 target price on shares of Varonis Systems in a research report on Thursday, June 30th. Brean Capital reiterated a buy rating on shares of Varonis Systems in a research report on Friday, June 10th. Barclays PLC increased their target price on shares of Varonis Systems from $20.00 to $27.00 and gave the company an equal weight rating in a research report on Friday, July 15th. Finally, RBC Capital Markets reiterated an outperform rating and issued a $32.00 target price (up from $27.00) on shares of Varonis Systems in a research report on Thursday, August 11th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Varonis Systems presently has a consensus rating of Buy and an average price target of $31.00.
Varonis Systems (NASDAQ:VRNS) opened at 29.12 on Thursday. The stock’s market capitalization is $768.45 million. Varonis Systems has a 1-year low of $13.25 and a 1-year high of $30.90. The company’s 50-day moving average is $29.55 and its 200 day moving average is $24.82.
Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.05. The company earned $38.60 million during the quarter, compared to analysts’ expectations of $36.60 million. Varonis Systems had a negative net margin of 13.27% and a negative return on equity of 24.20%. The firm’s revenue for the quarter was up 32.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.18) earnings per share. Equities analysts predict that Varonis Systems will post ($0.34) earnings per share for the current year.
In other Varonis Systems news, CFO Gili Iohan sold 5,000 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $26.00, for a total transaction of $130,000.00. Following the completion of the transaction, the chief financial officer now owns 56,090 shares of the company’s stock, valued at $1,458,340. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Yakov Faitelson sold 10,683 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $26.00, for a total transaction of $277,758.00. Following the transaction, the chief executive officer now directly owns 1,211,347 shares of the company’s stock, valued at approximately $31,495,022. The disclosure for this sale can be found here. Company insiders own 31.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in VRNS. Emerald Acquisition Ltd. bought a new position in shares of Varonis Systems during the second quarter valued at $1,023,000. Swiss National Bank raised its position in shares of Varonis Systems by 24.8% in the second quarter. Swiss National Bank now owns 21,118 shares of the company’s stock valued at $507,000 after buying an additional 4,200 shares during the period. California State Teachers Retirement System raised its position in shares of Varonis Systems by 16.6% in the second quarter. California State Teachers Retirement System now owns 22,434 shares of the company’s stock valued at $539,000 after buying an additional 3,196 shares during the period. Bank of New York Mellon Corp raised its position in shares of Varonis Systems by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 52,692 shares of the company’s stock valued at $1,265,000 after buying an additional 1,164 shares during the period. Finally, Kornitzer Capital Management Inc. KS bought a new position in shares of Varonis Systems during the second quarter valued at $1,172,000. 41.00% of the stock is owned by institutional investors.
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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