Citigroup Cuts Varonis Systems (NASDAQ:VRNS) Price Target to $46.00

Varonis Systems (NASDAQ:VRNS) had its price target decreased by Citigroup from $57.00 to $46.00 in a research report released on Friday,Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

Other research analysts have also issued research reports about the company. Robert W. Baird boosted their price objective on Varonis Systems from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Jefferies Financial Group cut their price target on shares of Varonis Systems from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price target on the stock. Barclays lifted their price objective on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Piper Sandler reduced their target price on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.44.

Varonis Systems Price Performance

NASDAQ VRNS opened at $44.19 on Friday. The company’s 50 day simple moving average is $47.57 and its two-hundred day simple moving average is $51.58. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems has a 1 year low of $41.13 and a 1 year high of $60.58.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Tuesday, October 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Varonis Systems had a negative return on equity of 17.58% and a negative net margin of 15.31%. The company had revenue of $148.07 million for the quarter, compared to the consensus estimate of $141.62 million. During the same quarter last year, the business posted ($0.22) earnings per share. The firm’s revenue was up 21.1% compared to the same quarter last year. On average, research analysts anticipate that Varonis Systems will post -0.7 earnings per share for the current year.

Insider Activity at Varonis Systems

In related news, CFO Guy Melamed sold 91,345 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $53.70, for a total value of $4,905,226.50. Following the sale, the chief financial officer now directly owns 504,598 shares of the company’s stock, valued at $27,096,912.60. This trade represents a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its position in shares of Varonis Systems by 445.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 518 shares of the technology company’s stock worth $29,000 after buying an additional 423 shares during the last quarter. International Assets Investment Management LLC lifted its stake in 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 worth $140,000 after acquiring an additional 2,442 shares during the period. KBC Group NV boosted its holdings in 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. Harvest Fund Management Co. Ltd purchased a new position in Varonis Systems during the 3rd quarter valued at $184,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in Varonis Systems in the 2nd quarter worth $215,000. Institutional investors own 95.65% of the company’s stock.

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.