Robert W. Baird Issues Positive Forecast for Varonis Systems (NASDAQ:VRNS) Stock Price

Key Points

• Analysts at Robert W. Baird have raised their price target for Varonis Systems from $58.00 to $63.00, indicating a potential upside of 12.53% based on its previous close.
• Other firms, including Needham & Company and UBS Group, have also increased their price targets, with Needham setting a target of $70.00 and UBS at $60.00, reflecting overall strong buy sentiment for the stock.
• Varonis Systems reported a quarterly earnings per share of $0.03, surpassing estimates and showing a 16.7% revenue increase compared to the same quarter last year.

Varonis Systems (NASDAQ:VRNS - Free Report) had its price objective hoisted by Robert W. Baird from $58.00 to $63.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the technology company's stock.

Other research analysts have also issued research reports about the company. Wall Street Zen raised Varonis Systems from a "sell" rating to a "hold" rating in a report on Monday, April 28th. UBS Group lifted their price target on Varonis Systems from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Jefferies Financial Group upgraded Varonis Systems from a "hold" rating to a "buy" rating and lifted their price target for the company from $50.00 to $65.00 in a research note on Thursday, July 24th. Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 price target on shares of Varonis Systems in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their price target on Varonis Systems from $46.00 to $51.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.31.

Varonis Systems Stock Performance

Shares of NASDAQ:VRNS traded down $1.10 during trading on Wednesday, reaching $54.73. The company had a trading volume of 2,070,121 shares, compared to its average volume of 1,689,729. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -59.49 and a beta of 0.71. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.38 and a quick ratio of 1.15. The stock's fifty day moving average price is $50.76 and its 200 day moving average price is $45.51. Varonis Systems has a fifty-two week low of $36.53 and a fifty-two week high of $60.58.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its earnings results 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. The business had revenue of $152.16 million for the quarter, compared to analyst estimates of $147.80 million. Varonis Systems had a negative return on equity of 23.06% and a negative net margin of 17.30%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 earnings per share. As a group, equities research analysts predict that Varonis Systems will post -0.83 EPS for the current year.

Insiders Place Their Bets

In other Varonis Systems news, Director Den Bosch Fred Van sold 3,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $55.08, for a total transaction of $165,240.00. Following the sale, the director directly owned 128,666 shares in the company, valued at approximately $7,086,923.28. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Guy Melamed sold 51,889 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $55.10, for a total value of $2,859,083.90. Following the completion of the sale, the chief financial officer owned 470,602 shares in the company, valued at $25,930,170.20. This represents a 9.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,889 shares of company stock worth $3,324,324. 2.30% of the stock is owned by company insiders.

Institutional Trading of Varonis Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. lifted its position in shares of Varonis Systems by 179.1% in the second quarter. Bessemer Group Inc. now owns 494 shares of the technology company's stock valued at $25,000 after acquiring an additional 317 shares in the last quarter. Quarry LP purchased a new stake in shares of Varonis Systems in the fourth quarter valued at $36,000. Johnson Financial Group Inc. purchased a new stake in shares of Varonis Systems in the fourth quarter valued at $61,000. Transce3nd LLC purchased a new stake in shares of Varonis Systems in the fourth quarter valued at $62,000. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Varonis Systems in the fourth quarter valued at $70,000. 95.65% of the stock is currently owned by hedge funds and other institutional investors.

Varonis Systems Company Profile

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.