Varonis Systems (NASDAQ:VRNS) Downgraded by BidaskClub to “Buy”

Varonis Systems (NASDAQ:VRNS) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Wednesday, May 22nd, BidAskClub reports.

VRNS has been the topic of several other research reports. Zacks Investment Research upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Thursday, May 16th. DA Davidson upped their price target on Varonis Systems to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Jefferies Financial Group upped their price target on Varonis Systems from $73.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Stifel Nicolaus upped their price target on Varonis Systems from $52.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, April 30th. Finally, Morgan Stanley upped their price target on Varonis Systems from $55.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 30th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $71.52.

Shares of VRNS traded down $0.26 during midday trading on Wednesday, hitting $61.50. The stock had a trading volume of 189,125 shares, compared to its average volume of 421,580. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -62.76 and a beta of 1.12. Varonis Systems has a fifty-two week low of $48.67 and a fifty-two week high of $82.90.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, April 29th. The technology company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.04). Varonis Systems had a negative return on equity of 30.00% and a negative net margin of 13.24%. The company had revenue of $56.40 million for the quarter, compared to analyst estimates of $59.36 million. During the same quarter in the prior year, the business posted ($0.22) earnings per share. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, sell-side analysts forecast that Varonis Systems will post -1.75 EPS for the current year.

In other news, EVP David Bass sold 42,416 shares of Varonis Systems stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $72.54, for a total transaction of $3,076,856.64. Following the sale, the executive vice president now directly owns 202,833 shares of the company’s stock, valued at $14,713,505.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.80% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in Varonis Systems by 81.3% in the first quarter. FMR LLC now owns 1,388,442 shares of the technology company’s stock worth $82,793,000 after purchasing an additional 622,639 shares in the last quarter. Soma Equity Partners LP purchased a new position in shares of Varonis Systems during the first quarter valued at approximately $35,778,000. Cadian Capital Management LP purchased a new position in shares of Varonis Systems during the first quarter valued at approximately $29,940,000. Artisan Partners Limited Partnership purchased a new position in shares of Varonis Systems during the first quarter valued at approximately $19,220,000. Finally, Clearbridge Investments LLC boosted its position in shares of Varonis Systems by 54.3% during the first quarter. Clearbridge Investments LLC now owns 883,113 shares of the technology company’s stock valued at $52,660,000 after buying an additional 310,737 shares during the period. 89.57% of the stock is currently owned by institutional investors.

About Varonis Systems

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, and secure enterprise data. Its software allows enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential customer, and patient and employee data; financial records; strategic and product plans; and other intellectual property.

Further Reading: SEC Filing

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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