Cantor Fitzgerald Reaffirms Overweight Rating for Varonis Systems (NASDAQ:VRNS)

Varonis Systems (NASDAQ:VRNS - Get Free Report)'s stock had its "overweight" rating restated by stock analysts at Cantor Fitzgerald in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $60.00 price target on the technology company's stock. Cantor Fitzgerald's price objective indicates a potential upside of 30.83% from the stock's previous close.

A number of other brokerages have also commented on VRNS. Morgan Stanley dropped their target price on Varonis Systems from $54.00 to $46.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on Varonis Systems from $48.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 5th. Wolfe Research raised Varonis Systems from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Friday, March 28th. JPMorgan Chase & Co. decreased their price target on Varonis Systems from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Jefferies Financial Group decreased their price target on Varonis Systems from $50.00 to $45.00 and set a "hold" rating for the company in a report on Monday, March 31st. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $55.06.

Varonis Systems Stock Up 1.2%

Varonis Systems stock traded up $0.56 during trading hours on Wednesday, reaching $45.86. The stock had a trading volume of 489,994 shares, compared to its average volume of 1,523,762. Varonis Systems has a 52 week low of $36.53 and a 52 week high of $60.58. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -53.30 and a beta of 0.79. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.24 and a quick ratio of 1.24. The business's 50 day moving average price is $41.35 and its 200-day moving average price is $44.97.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). Varonis Systems had a negative return on equity of 20.35% and a negative net margin of 17.38%. The business had revenue of $136.42 million for the quarter, compared to analysts' expectations of $133.10 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. Varonis Systems's revenue was up 19.6% on a year-over-year basis. Sell-side analysts anticipate that Varonis Systems will post -0.83 EPS for the current year.

Varonis Systems declared that its board has authorized a share repurchase program on Monday, February 10th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Varonis Systems

A number of hedge funds have recently modified their holdings of the business. CenterBook Partners LP grew its holdings in shares of Varonis Systems by 2.6% during the 1st quarter. CenterBook Partners LP now owns 27,862 shares of the technology company's stock worth $1,127,000 after purchasing an additional 713 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Varonis Systems by 45.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,502 shares of the technology company's stock worth $182,000 after purchasing an additional 1,401 shares during the period. XTX Topco Ltd grew its holdings in shares of Varonis Systems by 45.5% during the 1st quarter. XTX Topco Ltd now owns 11,177 shares of the technology company's stock worth $452,000 after purchasing an additional 3,497 shares during the period. Banque Cantonale Vaudoise acquired a new position in Varonis Systems during the 1st quarter worth about $1,985,000. Finally, Mackenzie Financial Corp lifted its stake in Varonis Systems by 234.0% during the 1st quarter. Mackenzie Financial Corp now owns 23,947 shares of the technology company's stock worth $969,000 after acquiring an additional 16,777 shares in the last quarter. 95.65% of the stock is currently 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.