Zacks Investment Research lowered shares of Varonis Systems Inc. (NASDAQ:VRNS) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Varonis Systems Inc. provides an innovative software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Its products include DatAdvantage, DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnywhere. The company sells its products to small and medium businesses, and large multinational enterprises in financial services, consumer and retail, industrial, healthcare, and energy and utilities industries. Varonis Systems Inc. is headquartered in New York. “
Several other equities research analysts also recently issued reports on the company. Needham & Company LLC raised Varonis Systems from a hold rating to a buy rating and set a $34.00 price target for the company in a report on Wednesday, August 10th. Summit Redstone reaffirmed a buy rating and set a $30.00 price target on shares of Varonis Systems in a report on Thursday, June 30th. Barclays PLC raised their price target on Varonis Systems from $20.00 to $27.00 and gave the company an equal weight rating in a report on Friday, July 15th. RBC Capital Markets reaffirmed an outperform rating and set a $32.00 price target (up previously from $27.00) on shares of Varonis Systems in a report on Thursday, August 11th. Finally, Imperial Capital raised their price target on Varonis Systems from $27.00 to $35.00 and gave the company an outperform rating in a report on Thursday, August 11th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Varonis Systems presently has a consensus rating of Buy and a consensus price target of $31.00.
Shares of Varonis Systems (NASDAQ:VRNS) traded down 1.29% during midday trading on Wednesday, hitting $28.37. 7,422 shares of the stock traded hands. The stock has a 50 day moving average of $29.57 and a 200 day moving average of $24.84. Varonis Systems has a 1-year low of $13.25 and a 1-year high of $30.90. The company’s market capitalization is $748.66 million.
Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. The company earned $38.60 million during the quarter, compared to the consensus estimate of $36.60 million. Varonis Systems had a negative return on equity of 24.20% and a negative net margin of 13.27%. The firm’s revenue for the quarter was up 32.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.18) EPS. Equities research analysts predict that Varonis Systems will post ($0.34) earnings per share for the current fiscal year.
In related news, CFO Gili Iohan sold 5,000 shares of the firm’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $26.00, for a total value of $130,000.00. Following the transaction, the chief financial officer now owns 56,090 shares in the company, valued at $1,458,340. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Pitango Venture Capital Princi sold 6,793 shares of the firm’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $30.45, for a total value of $206,846.85. Following the completion of the transaction, the insider now owns 3,078,341 shares in the company, valued at approximately $93,735,483.45. The disclosure for this sale can be found here. 31.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Asset Management Inc. bought a new position in shares of Varonis Systems during the third quarter worth approximately $6,935,000. FIL Ltd acquired a new position in Varonis Systems during the second quarter worth about $4,111,000. Garelick Capital Partners LP acquired a new position in Varonis Systems during the second quarter worth about $2,893,000. Thrax Management LLC boosted its position in Varonis Systems by 51.4% in the first quarter. Thrax Management LLC now owns 312,753 shares of the company’s stock worth $5,708,000 after buying an additional 106,220 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in Varonis Systems by 6.1% in the second quarter. Jennison Associates LLC now owns 1,667,302 shares of the company’s stock worth $40,049,000 after buying an additional 95,439 shares in the last quarter. Institutional investors own 41.00% of the company’s stock.
About Varonis Systems
Varonis Systems, Inc (Varonis) provides a software platform that allows enterprises to analyze, secure, manage and utilize their unstructured data. The Company specializes in human-generated data, a type of unstructured data that includes an enterprise’s spreadsheets, word processing documents, presentations, audio files, video files, e-mails, text messages and any other data created by employees.