Royal Bank Of Canada Raises Varonis Systems (NASDAQ:VRNS) Price Target to $64.00

Key Points

• Royal Bank of Canada has raised its target price for Varonis Systems from $58.00 to $64.00, suggesting a potential upside of 14.28% from the current stock price.
• Varonis Systems recently reported a quarterly revenue of $152.16 million, exceeding analyst expectations and representing a 16.7% increase compared to the same quarter last year.
• Multiple analysts have upgraded their ratings for Varonis Systems, with the consensus rating being a "Moderate Buy" and an average price target of $57.50.

Varonis Systems (NASDAQ:VRNS - Get Free Report) had its price target increased by investment analysts at Royal Bank Of Canada from $58.00 to $64.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's price target indicates a potential upside of 16.70% from the company's previous close.

VRNS has been the topic of several other reports. Susquehanna boosted their target price on Varonis Systems from $55.00 to $65.00 and gave the stock a "positive" rating in a research note on Wednesday. Wells Fargo & Company raised their target price on Varonis Systems from $46.00 to $51.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Jefferies Financial Group upgraded Varonis Systems from a "hold" rating to a "buy" rating and lifted their price target for the stock from $50.00 to $65.00 in a report on Thursday, July 24th. Wedbush increased their target price on Varonis Systems from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, DA Davidson boosted their target price on shares of Varonis Systems from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.31.

Varonis Systems Stock Performance

Shares of Varonis Systems stock traded down $0.99 during trading hours on Wednesday, hitting $54.84. 632,171 shares of the company's stock traded hands, compared to its average volume of 1,564,479. The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of -59.63 and a beta of 0.76. Varonis Systems has a 12-month low of $36.53 and a 12-month high of $60.58. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.15 and a quick ratio of 1.15. The company has a fifty day simple moving average of $50.60 and a 200-day simple moving average of $45.45.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The technology company reported $0.03 earnings per share for the quarter, topping 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 firm had revenue of $152.16 million during the quarter, compared to analysts' expectations of $147.80 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company's revenue was up 16.7% on a year-over-year basis. Equities research analysts anticipate that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Den Bosch Fred Van sold 6,000 shares of the stock in a transaction dated Wednesday, June 4th. The stock was 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 in the company, valued at approximately $6,583,300. This represents 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 this link. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Varonis Systems

Several large investors have recently made changes to their positions in the company. Brown Advisory Inc. bought a new position in shares of Varonis Systems in the 1st quarter valued at about $346,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Varonis Systems by 18.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,465 shares of the technology company's stock worth $352,000 after purchasing an additional 1,323 shares in the last quarter. Stephens Investment Management Group LLC raised its holdings in Varonis Systems by 14.7% in the first quarter. Stephens Investment Management Group LLC now owns 1,604,558 shares of the technology company's stock worth $64,904,000 after purchasing an additional 205,781 shares in the last quarter. Penserra Capital Management LLC raised its holdings in Varonis Systems by 52.2% in the first quarter. Penserra Capital Management LLC now owns 1,542,071 shares of the technology company's stock worth $62,376,000 after purchasing an additional 529,182 shares in the last quarter. Finally, Legacy Advisors LLC boosted its holdings in Varonis Systems by 164.5% in the first quarter. Legacy Advisors LLC now owns 21,090 shares of the technology company's stock worth $853,000 after acquiring an additional 13,115 shares in the last quarter. 95.65% of the stock is owned by 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.