UBS Group Forecasts Strong Price Appreciation for Varonis Systems (NASDAQ:VRNS) Stock

Key Points

• UBS Group has raised its price target for Varonis Systems from $60.00 to $65.00, indicating a potential upside of 15% from its current stock price.
• Analysts' ratings for Varonis Systems are largely positive, with 14 analysts giving it a "buy" rating and an average target price set at $57.78.
• Varonis Systems recently reported a quarterly revenue increase of 16.7%, totaling $152.16 million, exceeding analyst estimates.

Varonis Systems (NASDAQ:VRNS - Free Report) had its price objective lifted by UBS Group from $60.00 to $65.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology company's stock.

Several other research analysts also recently commented on the stock. Jefferies Financial Group raised shares of Varonis Systems from a "hold" rating to a "buy" rating and increased their price objective for the company from $50.00 to $65.00 in a report on Thursday, July 24th. Susquehanna increased their price target on Varonis Systems from $55.00 to $65.00 and gave the company a "positive" rating in a research note on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $60.00 price objective on shares of Varonis Systems in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. decreased their price objective on Varonis Systems from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Finally, Barclays raised their target price on shares of Varonis Systems from $54.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Varonis Systems presently has an average rating of "Moderate Buy" and an average price target of $57.31.

Varonis Systems Price Performance

VRNS traded down $0.93 on Wednesday, hitting $54.90. 632,171 shares of the company's stock traded hands, compared to its average volume of 1,564,479. The company's 50 day simple moving average is $50.60 and its 200-day simple moving average is $45.45. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.23. Varonis Systems has a one year low of $36.53 and a one year high of $60.58. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of -59.63 and a beta of 0.76.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. Varonis Systems had a negative net margin of 17.30% and a negative return on equity of 22.01%. The business had revenue of $152.16 million during the quarter, compared to analyst estimates of $147.80 million. During the same period last year, the firm posted $0.05 EPS. The company's revenue was up 16.7% on a year-over-year basis. As a group, research analysts anticipate that Varonis Systems will post -0.83 EPS for the current year.

Insider Activity

In other Varonis Systems 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 value of $300,000.00. Following the transaction, the director owned 131,666 shares of the company's stock, valued at $6,583,300. This represents a 4.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in Varonis Systems during the 4th quarter valued at $56,561,000. New Age Alpha Advisors LLC purchased a new stake in shares of Varonis Systems during the 4th quarter valued at $70,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Varonis Systems by 28.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 369,317 shares of the technology company's stock worth $16,409,000 after purchasing an additional 81,343 shares in the last quarter. Alliancebernstein L.P. grew its stake in Varonis Systems by 1.0% during the 4th quarter. Alliancebernstein L.P. now owns 138,977 shares of the technology company's stock worth $6,175,000 after buying an additional 1,381 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG increased its position in Varonis Systems by 43.7% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 47,609 shares of the technology company's stock valued at $2,115,000 after buying an additional 14,471 shares in the last quarter. 95.65% of the stock is currently owned by 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.