Varonis Systems (NASDAQ:VRNS) Given Hold Rating at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Varonis Systems (NASDAQ:VRNS) in a report issued on Tuesday, Benzinga reports.

VRNS has been the topic of several other reports. JPMorgan Chase & Co. raised shares of Varonis Systems from a neutral rating to an overweight rating and raised their target price for the stock from $50.00 to $54.00 in a report on Friday, June 14th. Piper Sandler raised their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a report on Tuesday. Royal Bank of Canada raised their target price on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a report on Tuesday, May 7th. Robert W. Baird raised shares of Varonis Systems from a neutral rating to an outperform rating and raised their target price for the stock from $52.00 to $60.00 in a report on Tuesday. Finally, Susquehanna raised their target price on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a positive rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $56.33.

Varonis Systems Stock Performance

Shares of VRNS opened at $51.80 on Tuesday. Varonis Systems has a 52 week low of $29.10 and a 52 week high of $57.00. The firm’s 50-day simple moving average is $46.22 and its 200 day simple moving average is $46.55. The company has a current ratio of 2.44, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The business had revenue of $130.35 million for the quarter, compared to analyst estimates of $124.83 million. During the same quarter in the prior year, the business earned ($0.35) EPS. Varonis Systems’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of Varonis Systems stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the transaction, the chief executive officer now owns 1,452,922 shares in the company, valued at $65,715,662.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Varonis Systems

A number of hedge funds have recently modified their holdings of VRNS. Norges Bank acquired a new position in shares of Varonis Systems during the fourth quarter worth $50,723,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Varonis Systems by 126.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock worth $90,336,000 after purchasing an additional 1,070,821 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Varonis Systems by 121.3% during the first quarter. Principal Financial Group Inc. now owns 1,503,683 shares of the technology company’s stock worth $70,929,000 after purchasing an additional 824,163 shares during the period. Hood River Capital Management LLC lifted its holdings in shares of Varonis Systems by 40.8% during the first quarter. Hood River Capital Management LLC now owns 1,611,871 shares of the technology company’s stock worth $76,032,000 after purchasing an additional 466,688 shares during the period. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new position in Varonis Systems during the first quarter worth $19,194,000. Institutional investors and hedge funds own 95.65% of the company’s stock.

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.