Varonis Systems, Inc. (VRNS) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Varonis Systems, Inc. (NASDAQ:VRNS) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $49.00 price objective on the technology company’s stock.

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. “

VRNS has been the subject of a number of other reports. Royal Bank Of Canada reaffirmed a buy rating and set a $44.00 price target on shares of Varonis Systems in a report on Wednesday, October 18th. Jefferies Group LLC reaffirmed a buy rating and set a $45.00 price target on shares of Varonis Systems in a report on Thursday, September 7th. Imperial Capital reaffirmed an outperform rating and set a $46.00 price target (up from $39.00) on shares of Varonis Systems in a report on Friday, August 4th. Barclays PLC reaffirmed a hold rating and set a $45.00 price target on shares of Varonis Systems in a report on Wednesday, July 19th. Finally, BidaskClub lowered shares of Varonis Systems from a hold rating to a sell rating in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $44.90.

Shares of Varonis Systems (NASDAQ VRNS) traded up $6.70 during mid-day trading on Thursday, hitting $48.70. 1,330,508 shares of the stock were exchanged, compared to its average volume of 252,802.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Thursday, November 2nd. The technology company reported $0.06 EPS for the quarter. The business had revenue of $53.60 million for the quarter, compared to the consensus estimate of $50.53 million. Varonis Systems had a negative net margin of 7.91% and a negative return on equity of 19.29%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. analysts anticipate that Varonis Systems will post -0.58 earnings per share for the current year.

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In related news, CEO Yakov Faitelson sold 70,842 shares of Varonis Systems stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $40.96, for a total value of $2,901,688.32. Following the sale, the chief executive officer now directly owns 334,908 shares in the company, valued at approximately $13,717,831.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Guy Melamed sold 5,355 shares of Varonis Systems stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $48.00, for a total transaction of $257,040.00. Following the completion of the sale, the chief financial officer now owns 95,491 shares in the company, valued at $4,583,568. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 465,013 shares of company stock worth $19,116,878. Insiders own 19.50% of the company’s stock.

Large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. bought a new stake in Varonis Systems in the 2nd quarter valued at about $122,000. Fortaleza Asset Management Inc. bought a new stake in Varonis Systems in the 2nd quarter valued at about $151,000. Legal & General Group Plc lifted its position in Varonis Systems by 39.6% in the 2nd quarter. Legal & General Group Plc now owns 4,308 shares of the technology company’s stock valued at $159,000 after purchasing an additional 1,223 shares during the last quarter. Adams Street Partners LLC bought a new stake in Varonis Systems in the 2nd quarter valued at about $163,000. Finally, Van ECK Associates Corp lifted its position in Varonis Systems by 5.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,291 shares of the technology company’s stock valued at $197,000 after purchasing an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

About Varonis Systems

Varonis Systems, Inc provides a solutions that protect data from insider threats and cyberattacks. The Company’s products include DatAdvantage, DataPrivilege, Interface Data Unit Classification Framework, Data Transport Engine, DatAnywhere and DatAnswers. Its platform allows enterprises to analyze, secure, manage and migrate volumes of unstructured data.

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