Varonis Systems (NASDAQ:VRNS) Given New $70.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has increased its price target for Varonis Systems from $60.00 to $70.00, indicating a potential upside of 29.08% from the stock's previous close.
• Varonis Systems recently reported a quarterly EPS of $0.03, exceeding analysts' expectations of $0.01, with revenues up 16.7% year-over-year, reaching $152.16 million.
• Currently, Varonis Systems holds an average rating of "Moderate Buy" from analysts, with fourteen buy ratings and five hold ratings on its stock.

Varonis Systems (NASDAQ:VRNS - Get Free Report) had its price objective raised by stock analysts at Needham & Company LLC from $60.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target indicates a potential upside of 28.46% from the company's previous close.

Several other research firms also recently weighed in on VRNS. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 price target on shares of Varonis Systems in a research note on Tuesday, July 22nd. Barclays increased their target price on shares of Varonis Systems from $54.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wall Street Zen raised shares of Varonis Systems from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Jefferies Financial Group raised shares of Varonis Systems from a "hold" rating to a "buy" rating and raised their price objective for the stock from $50.00 to $65.00 in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Varonis Systems from $55.00 to $45.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Varonis Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.31.

Varonis Systems Stock Performance

VRNS traded down $1.34 during midday trading on Wednesday, reaching $54.49. The company had a trading volume of 154,255 shares, compared to its average volume of 1,560,939. The business has a 50-day moving average price of $50.60 and a two-hundred day moving average price of $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 has a 12-month low of $36.53 and a 12-month high of $60.58. The stock has a market cap of $6.10 billion, a PE ratio of -58.95 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted 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 business had revenue of $152.16 million for the quarter, compared to the consensus estimate of $147.80 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. Varonis Systems's revenue for the quarter was up 16.7% on a year-over-year basis. On average, sell-side analysts expect that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Director Den Bosch Fred Van sold 6,000 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $50.00, for a total transaction of $300,000.00. Following the transaction, the director directly owned 131,666 shares of the company's stock, valued at approximately $6,583,300. The trade was a 4.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in VRNS. Quarry LP purchased a new position in Varonis Systems during the 4th quarter valued at $36,000. Johnson Financial Group Inc. purchased a new position in Varonis Systems during the 4th quarter valued at $61,000. Transce3nd LLC purchased a new position in Varonis Systems during the 4th quarter valued at $62,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Varonis Systems during the 1st quarter valued at $69,000. Finally, New Age Alpha Advisors LLC bought a new stake in shares of Varonis Systems during the 4th quarter valued at $70,000. 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.