Royal Bank of Canada Boosts Varonis Systems (NASDAQ:VRNS) Price Target to $58.00

Varonis Systems (NASDAQ:VRNS - Get Free Report) had its price target hoisted by research analysts at Royal Bank of Canada from $56.00 to $58.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Royal Bank of Canada's target price would suggest a potential upside of 28.89% from the stock's current price.

Other research analysts have also recently issued reports about the company. Stephens reissued an "overweight" rating and issued a $55.00 price target on shares of Varonis Systems in a report on Tuesday, February 6th. Robert W. Baird boosted their price target on Varonis Systems from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Tuesday. Wedbush raised Varonis Systems from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $35.00 to $65.00 in a report on Tuesday, February 6th. JMP Securities reaffirmed a "market outperform" rating and set a $63.00 price objective on shares of Varonis Systems in a report on Monday, February 5th. Finally, JPMorgan Chase & Co. upped their price objective on Varonis Systems from $49.00 to $50.00 and gave the stock a "neutral" rating in a report on Tuesday, February 6th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.06.

Varonis Systems Stock Performance

Shares of VRNS stock traded up $0.41 during trading hours on Tuesday, reaching $45.00. 2,650,939 shares of the company traded hands, compared to its average volume of 1,188,769. Varonis Systems has a 12-month low of $22.87 and a 12-month high of $52.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50. The company has a market cap of $5.02 billion, a P/E ratio of -48.91 and a beta of 0.84. The firm has a 50-day moving average price of $46.85 and a 200 day moving average price of $44.32.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.08. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. The firm had revenue of $154.10 million for the quarter, compared to analysts' expectations of $151.64 million. As a group, sell-side analysts predict that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP David Bass sold 116,325 shares of the company's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the completion of the transaction, the executive vice president now directly owns 650,972 shares of the company's stock, valued at approximately $32,756,911.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP David Bass sold 116,325 shares of the company's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $50.32, for a total value of $5,853,474.00. Following the completion of the sale, the executive vice president now directly owns 650,972 shares of the company's stock, valued at approximately $32,756,911.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Guy Melamed sold 188,503 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.88, for a total value of $9,402,529.64. Following the sale, the chief financial officer now directly owns 645,876 shares of the company's stock, valued at $32,216,294.88. The disclosure for this sale can be found here. Insiders have sold a total of 372,419 shares of company stock worth $18,571,413 in the last quarter. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Varonis Systems

A number of large investors have recently modified their holdings of VRNS. Quadrant Capital Group LLC increased its position in Varonis Systems by 87.2% during the fourth quarter. Quadrant Capital Group LLC now owns 921 shares of the technology company's stock worth $42,000 after buying an additional 429 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Varonis Systems during the first quarter worth $63,000. NBC Securities Inc. acquired a new stake in shares of Varonis Systems during the first quarter worth $68,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Varonis Systems during the fourth quarter worth $77,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of Varonis Systems by 1,779.2% during the fourth quarter. International Assets Investment Management LLC now owns 1,992 shares of the technology company's stock worth $90,000 after purchasing an additional 1,886 shares during the last quarter. 95.65% of the stock is owned by hedge funds and other institutional investors.

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.