Varonis Systems (NASDAQ:VRNS) Sets New 52-Week Low After Analyst Downgrade

Varonis Systems, Inc. (NASDAQ:VRNS)’s stock price reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $48.00 to $46.00. Wells Fargo & Company currently has an equal weight rating on the stock. Varonis Systems traded as low as $41.07 and last traded at $43.37, with a volume of 8381550 shares changing hands. The stock had previously closed at $46.84.

VRNS has been the subject of a number of other reports. Cantor Fitzgerald assumed coverage on Varonis Systems in a report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $67.00 price target on shares of Varonis Systems in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Robert W. Baird increased their target price on shares of Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Citigroup lowered their price target on shares of Varonis Systems from $57.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and a consensus price target of $59.38.

Insiders Place Their Bets

In other Varonis Systems news, CFO Guy Melamed sold 91,345 shares of Varonis Systems stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $53.70, for a total transaction of $4,905,226.50. Following the completion of the transaction, the chief financial officer now directly owns 504,598 shares of the company’s stock, valued at $27,096,912.60. The trade was a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

A number of hedge funds have recently modified their holdings of VRNS. Farther Finance Advisors LLC boosted its stake in Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock valued at $29,000 after purchasing an additional 423 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Varonis Systems by 29.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company’s stock worth $118,000 after buying an additional 603 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Varonis Systems by 5,550.0% in the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after acquiring an additional 2,442 shares during the period. KBC Group NV grew its stake in shares of Varonis Systems by 25.5% in the third quarter. KBC Group NV now owns 3,263 shares of the technology company’s stock valued at $184,000 after acquiring an additional 663 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in Varonis Systems during the third quarter worth about $184,000. Institutional investors and hedge funds own 95.65% of the company’s stock.

Varonis Systems Stock Up 1.4 %

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -54.12 and a beta of 0.83. The firm’s 50 day simple moving average is $45.87 and its two-hundred day simple moving average is $51.23.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.58%. On average, equities analysts forecast that Varonis Systems, Inc. will post -0.7 EPS for the current year.

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.