DA Davidson Trims Varonis Systems (VRNS) Target Price to $62.00

Varonis Systems (NASDAQ:VRNS) had its target price cut by DA Davidson to $62.00 in a note issued to investors on Tuesday, The Fly reports. The firm presently has a “buy” rating on the technology company’s stock. DA Davidson’s price objective points to a potential upside of 13.45% from the stock’s current price.

A number of other brokerages have also recently commented on VRNS. Wedbush reduced their target price on Varonis Systems from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Tuesday. CIBC decreased their price target on shares of Varonis Systems from $80.00 to $68.00 and set an “outperform” rating for the company in a research report on Tuesday. Jefferies Financial Group reiterated a “buy” rating and issued a $73.00 price objective (down from $81.00) on shares of Varonis Systems in a report on Tuesday. Royal Bank of Canada cut their price target on shares of Varonis Systems from $80.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Oppenheimer dropped their target price on shares of Varonis Systems from $80.00 to $68.00 and set an “outperform” rating for the company in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Varonis Systems currently has a consensus rating of “Buy” and a consensus target price of $67.48.

VRNS opened at $54.65 on Tuesday. The stock has a market cap of $1.63 billion, a P/E ratio of -109.30 and a beta of 0.99. Varonis Systems has a twelve month low of $48.67 and a twelve month high of $83.10.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, February 11th. The technology company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.11. Varonis Systems had a negative return on equity of 26.27% and a negative net margin of 11.53%. The company had revenue of $87.52 million during the quarter, compared to the consensus estimate of $87.33 million. On average, analysts expect that Varonis Systems will post -0.9 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in Varonis Systems by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 330,691 shares of the technology company’s stock valued at $17,493,000 after acquiring an additional 2,613 shares during the period. Hudson Bay Capital Management LP purchased a new position in Varonis Systems during the 4th quarter worth approximately $3,955,000. NumerixS Investment Technologies Inc lifted its stake in shares of Varonis Systems by 257.1% in the 4th quarter. NumerixS Investment Technologies Inc now owns 2,500 shares of the technology company’s stock valued at $133,000 after purchasing an additional 1,800 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Varonis Systems by 54.0% during the 4th quarter. Van ECK Associates Corp now owns 9,300 shares of the technology company’s stock worth $492,000 after purchasing an additional 3,261 shares during the period. Finally, GSA Capital Partners LLP lifted its position in shares of Varonis Systems by 24.9% during the fourth quarter. GSA Capital Partners LLP now owns 33,098 shares of the technology company’s stock worth $1,751,000 after purchasing an additional 6,601 shares in the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Varonis Systems Company Profile

Varonis Systems, Inc provides software solutions that protect data from insider threats and cyberattacks. The company, through its software, allows organizations to protect data stored on premises and on cloud, such as sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property.

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The Fly

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

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