Stock Buyback Program Announced by Varonis Systems (NASDAQ:VRNS) Board of Directors

Varonis Systems (NASDAQ:VRNS) announced that its Board of Directors has authorized a stock repurchase program on Monday, February 10th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Jefferies Financial Group reduced their price objective 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. DA Davidson cut their target price on Varonis Systems from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, December 12th. Cantor Fitzgerald began coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an “overweight” rating and a $60.00 price target for the company. Piper Sandler reduced their price objective on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.38.

Varonis Systems Stock Performance

Shares of NASDAQ VRNS opened at $43.17 on Thursday. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of -50.20 and a beta of 0.83. Varonis Systems has a 12 month low of $39.62 and a 12 month high of $60.58. The company has a 50 day simple moving average of $45.38 and a two-hundred day simple moving average of $51.17. 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 (NASDAQ:VRNS) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.45% and a negative net margin of 17.38%. As a group, analysts predict that Varonis Systems will post -0.74 earnings per share 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.