Barclays Raises 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 raised by equities researchers at Barclays from $60.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Barclays's target price would indicate a potential upside of 12.93% from the company's previous close.

A number of other research analysts have also recently commented on VRNS. Wall Street Zen upgraded Varonis Systems from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Susquehanna lifted their price objective on Varonis Systems from $55.00 to $65.00 and gave the stock a "positive" rating in a research note on Wednesday. Royal Bank Of Canada lifted their target price on Varonis Systems from $58.00 to $64.00 and gave the stock an "outperform" rating in a report on Wednesday. Cantor Fitzgerald restated an "overweight" rating and set a $60.00 price objective on shares of Varonis Systems in a report on Tuesday, July 22nd. Finally, Wedbush upped their price target on Varonis Systems from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.31.

Varonis Systems Stock Down 1.7%

NASDAQ VRNS traded down $0.93 during trading hours on Wednesday, reaching $54.90. 632,171 shares of the company's stock were exchanged, compared to its average volume of 1,564,479. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of -59.63 and a beta of 0.76. Varonis Systems has a one year low of $36.53 and a one year high of $60.58. The company's 50-day moving average is $50.60 and its two-hundred day moving average is $45.45. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.15 and a current ratio of 1.15.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.01 by $0.02. Varonis Systems had a negative return on equity of 22.01% and a negative net margin of 17.30%. The company had revenue of $152.16 million during the quarter, compared to the consensus estimate of $147.80 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Den Bosch Fred Van sold 6,000 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the sale, the director owned 131,666 shares in the company, valued at approximately $6,583,300. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Varonis Systems

Hedge funds have recently made changes to their positions in the business. Quarry LP bought a new position in Varonis Systems during the fourth quarter valued at approximately $36,000. Johnson Financial Group Inc. bought a new stake in shares of Varonis Systems in the 4th quarter valued at approximately $61,000. Transce3nd LLC bought a new stake in shares of Varonis Systems in the 4th quarter valued at approximately $62,000. New Age Alpha Advisors LLC bought a new stake in shares of Varonis Systems in the 4th quarter valued at approximately $70,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Varonis Systems in the 1st quarter valued at approximately $69,000. Institutional investors own 95.65% of the company's stock.

About Varonis Systems

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.