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 objective upped by stock analysts at Royal Bank Of Canada from $58.00 to $64.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 16.94% from the company's current price.

VRNS has been the topic of a number of other research reports. Wall Street Zen upgraded Varonis Systems from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Robert W. Baird increased their price objective on Varonis Systems from $55.00 to $58.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Wedbush lifted their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday. DA Davidson boosted their price objective on shares of Varonis Systems from $47.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday. Finally, Susquehanna boosted their price objective on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a "positive" rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.31.

Varonis Systems Stock Down 2.0%

NASDAQ:VRNS traded down $1.10 during mid-day trading on Wednesday, reaching $54.73. The stock had a trading volume of 2,070,121 shares, compared to its average volume of 1,689,729. The business's 50 day moving average is $50.76 and its 200 day moving average is $45.52. Varonis Systems has a fifty-two week low of $36.53 and a fifty-two week high of $60.58. The stock has a market cap of $6.13 billion, a P/E 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.

Varonis Systems (NASDAQ:VRNS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The technology company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. Varonis Systems had a negative return on equity of 23.06% and a negative net margin of 17.30%. The firm 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 company posted $0.05 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts predict that Varonis Systems will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Varonis Systems

In other news, CFO Guy Melamed sold 51,889 shares of the firm'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 sale, the chief financial officer owned 470,602 shares in the company, valued at approximately $25,930,170.20. This trade represents a 9.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Den Bosch Fred Van sold 3,000 shares of the firm'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 completion of the sale, the director owned 128,666 shares in the company, valued at approximately $7,086,923.28. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,889 shares of company stock worth $3,324,324. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Varonis Systems

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP boosted its stake in shares of Varonis Systems by 31.8% in the 1st quarter. Quarry LP now owns 1,082 shares of the technology company's stock valued at $44,000 after purchasing an additional 261 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Varonis Systems by 0.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 85,255 shares of the technology company's stock valued at $3,449,000 after purchasing an additional 284 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Varonis Systems by 7.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,340 shares of the technology company's stock valued at $193,000 after purchasing an additional 298 shares in the last quarter. Teza Capital Management LLC boosted its stake in shares of Varonis Systems by 3.1% in the 4th quarter. Teza Capital Management LLC now owns 9,840 shares of the technology company's stock valued at $437,000 after purchasing an additional 299 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Varonis Systems by 179.1% in the 2nd quarter. Bessemer Group Inc. now owns 494 shares of the technology company's stock valued at $25,000 after purchasing an additional 317 shares in the last quarter. Institutional investors and hedge funds own 95.65% of the company's stock.

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.