Barclays Boosts Varonis Systems (NASDAQ:VRNS) Price Target to $62.00

Key Points

• Barclays has raised its price target for Varonis Systems (NASDAQ:VRNS) from $60.00 to $62.00, suggesting an upside potential of 8.51%.
• The stock currently has a consensus rating of "Moderate Buy" by analysts, with five ratings as holds, fourteen as buys, and one as strong buy.
• Varonis Systems reported a revenue of $152.16 million for the last quarter, exceeding estimates and showing a 16.7% year-over-year increase.

Varonis Systems (NASDAQ:VRNS - Get Free Report) had its target price lifted by stock analysts at Barclays from $60.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. Barclays's target price would suggest a potential upside of 13.28% from the stock's current price.

VRNS has been the subject of a number of other reports. Robert W. Baird upped their price objective on shares of Varonis Systems from $58.00 to $63.00 and gave the stock an "outperform" rating in a research report on Wednesday. Needham & Company LLC increased their target price on shares of Varonis Systems from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday. DA Davidson increased their target price on shares of Varonis Systems from $47.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday. UBS Group increased their target price on shares of Varonis Systems from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Susquehanna increased their target price on shares of Varonis Systems from $55.00 to $65.00 and gave the company a "positive" rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.31.

Varonis Systems Price Performance

NASDAQ:VRNS traded down $1.10 during trading hours on Wednesday, reaching $54.73. 2,070,121 shares of the company were exchanged, compared to its average volume of 1,689,729. The company has a current ratio of 1.38, a quick ratio of 1.15 and a debt-to-equity ratio of 1.32. The stock's 50-day moving average is $50.76 and its 200-day moving average is $45.52. The firm has a market cap of $6.13 billion, a PE ratio of -59.49 and a beta of 0.71. Varonis Systems has a twelve month low of $36.53 and a twelve month high of $60.58.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. The company had revenue of $152.16 million during the quarter, compared to analysts' expectations of $147.80 million. Varonis Systems had a negative net margin of 17.30% and a negative return on equity of 23.06%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. On average, sell-side analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Varonis Systems

In related news, Director Den Bosch Fred Van sold 3,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $55.08, for a total value of $165,240.00. Following the completion of the sale, the director owned 128,666 shares of the company's stock, valued at approximately $7,086,923.28. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Guy Melamed sold 51,889 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $55.10, for a total transaction of $2,859,083.90. Following the completion of the sale, the chief financial officer directly owned 470,602 shares of the company's stock, valued at $25,930,170.20. This represents a 9.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,889 shares of company stock valued at $3,324,324 in the last three months. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its stake in Varonis Systems by 179.1% during the second quarter. Bessemer Group Inc. now owns 494 shares of the technology company's stock worth $25,000 after buying an additional 317 shares during the period. Quarry LP purchased a new position in Varonis Systems during the fourth quarter worth about $36,000. Johnson Financial Group Inc. purchased a new position in Varonis Systems during the fourth quarter worth about $61,000. Transce3nd LLC purchased a new position in Varonis Systems during the fourth quarter worth about $62,000. Finally, New Age Alpha Advisors LLC purchased a new position in Varonis Systems during the fourth quarter worth about $70,000. Hedge funds and other institutional investors own 95.65% of the company's stock.

Varonis Systems Company Profile

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.