Varonis Systems (NASDAQ:VRNS) Downgraded by Susquehanna to Neutral

Key Points

• Susquehanna downgraded Varonis Systems to Neutral from Positive, setting a $49.75 price target that implies about 1.95% upside from the stock’s current price.
• Analyst sentiment is broadly cautious: the stock has an average Hold rating, with 22 Hold, four Buy and one Sell ratings; the average target price is $50.39.
• Varonis beat quarterly earnings and revenue expectations, reporting EPS of $0.09 versus $0.03 forecast and revenue of $189.46 million, up 17.3% year over year.

Varonis Systems (NASDAQ:VRNS - Get Free Report) was downgraded by stock analysts at Susquehanna from a "positive" rating to a "neutral" rating in a research note issued on Thursday, Briefing.com reports. They presently have a $49.75 price target on the technology company's stock. Susquehanna's price target points to a potential upside of 1.95% from the stock's current price.

Several other equities research analysts have also recently commented on VRNS. Wells Fargo & Company cut Varonis Systems from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $53.00 to $49.75 in a research note on Friday, October 16th. Rosenblatt Securities lowered Varonis Systems from a "buy" rating to a "hold" rating and cut their price target for the company from $55.00 to $49.75 in a research note on Friday, October 16th. Truist Financial cut Varonis Systems from a "strong-buy" rating to a "hold" rating in a report on Friday, October 16th. Citigroup lifted their price objective on Varonis Systems from $45.00 to $49.75 and gave the stock a "neutral" rating in a research report on Friday, October 16th. Finally, Needham & Company LLC cut Varonis Systems from a "buy" rating to a "hold" rating in a report on Friday, October 16th. Four research analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $50.39.

Varonis Systems Price Performance

VRNS opened at $48.80 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.65 and a quick ratio of 1.65. The company's 50 day simple moving average is $47.38 and its 200-day simple moving average is $35.78. Varonis Systems has a one year low of $19.70 and a one year high of $50.31.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.06. Varonis Systems had a negative net margin of 21.38% and a negative return on equity of 21.47%. The firm had revenue of $189.46 million during the quarter, compared to analysts' expectations of $186.74 million. During the same quarter in the previous year, the company posted $0.06 EPS. Varonis Systems's revenue was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that Varonis Systems will post -0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Quantinno Capital Management LP boosted its position in shares of Varonis Systems by 59.0% during the first quarter. Quantinno Capital Management LP now owns 76,843 shares of the technology company's stock worth $1,650,000 after purchasing an additional 28,512 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Varonis Systems by 218.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,409,487 shares of the technology company's stock valued at $30,262,000 after buying an additional 966,817 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Varonis Systems by 17.1% in the 1st quarter. Bank of New York Mellon Corp now owns 552,203 shares of the technology company's stock valued at $11,856,000 after buying an additional 80,743 shares during the period. California State Teachers Retirement System increased its position in shares of Varonis Systems by 23.1% in the 1st quarter. California State Teachers Retirement System now owns 132,215 shares of the technology company's stock valued at $2,839,000 after buying an additional 24,775 shares in the last quarter. Finally, Trillium Asset Management LLC bought a new stake in shares of Varonis Systems in the 2nd quarter valued at $3,477,000. Institutional investors and hedge funds own 95.65% of the company's stock.

About Varonis Systems

Varonis Systems, Inc develops data security software that helps organizations protect sensitive information, identify security risks and manage access to data. Its platform is designed to secure data stored across on-premises file systems, cloud environments, software-as-a-service applications and other enterprise repositories.

The company's products support data discovery and classification, access analysis, threat detection, insider-risk monitoring, data loss prevention and security automation.

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