Varonis Systems (VRNS) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Varonis Systems (NASDAQ:VRNS) from a buy rating to a hold rating in a research note published on Saturday.
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 research reports. Benchmark reaffirmed a buy rating and issued a $60.00 price objective on shares of Varonis Systems in a research note on Friday, December 1st. Royal Bank of Canada reaffirmed a buy rating and issued a $44.00 price objective on shares of Varonis Systems in a research note on Wednesday, October 18th. Oppenheimer reaffirmed a buy rating and issued a $57.00 price objective on shares of Varonis Systems in a research note on Wednesday, December 13th. Needham & Company LLC reaffirmed a buy rating on shares of Varonis Systems in a research note on Friday, November 3rd. Finally, Barclays reaffirmed a neutral rating on shares of Varonis Systems in a research note on Tuesday, December 19th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Varonis Systems has an average rating of Buy and an average target price of $49.70.
Shares of Varonis Systems (NASDAQ VRNS) traded up $0.65 during trading on Friday, hitting $51.40. 184,343 shares of the stock were exchanged, compared to its average volume of 291,521. Varonis Systems has a 12 month low of $25.20 and a 12 month high of $53.60. The stock has a market cap of $1,430.00, a PE ratio of -88.62 and a beta of 0.80.
Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.06 earnings per share (EPS) for the quarter. Varonis Systems had a negative net margin of 7.91% and a negative return on equity of 18.97%. The company had revenue of $53.60 million during the quarter, compared to analysts’ expectations of $50.53 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The firm’s revenue was up 31.1% on a year-over-year basis. analysts anticipate that Varonis Systems will post -0.53 EPS for the current year.
In related news, CEO Yakov Faitelson sold 50,000 shares of the company’s stock in a transaction on Thursday, October 12th. The shares were sold at an average price of $44.57, for a total transaction of $2,228,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Ohad Korkus sold 9,277 shares of the company’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $51.28, for a total transaction of $475,724.56. Following the sale, the chief technology officer now owns 84,510 shares of the company’s stock, valued at $4,333,672.80. The disclosure for this sale can be found here. Insiders have sold a total of 337,384 shares of company stock valued at $16,734,434 over the last quarter. 19.50% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of VRNS. ETF Managers Group LLC bought a new stake in Varonis Systems during the 2nd quarter valued at $18,092,000. Renaissance Technologies LLC raised its holdings in Varonis Systems by 4,112.1% in the 2nd quarter. Renaissance Technologies LLC now owns 450,700 shares of the technology company’s stock worth $16,766,000 after purchasing an additional 440,000 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Varonis Systems by 316.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 384,434 shares of the technology company’s stock worth $14,301,000 after purchasing an additional 292,178 shares in the last quarter. Castleark Management LLC bought a new position in Varonis Systems in the 2nd quarter worth $7,861,000. Finally, Picton Mahoney Asset Management raised its holdings in Varonis Systems by 92.0% in the 2nd quarter. Picton Mahoney Asset Management now owns 334,700 shares of the technology company’s stock worth $12,451,000 after purchasing an additional 160,400 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.
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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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