Varonis Systems (NASDAQ:VRNS) Sets New 52-Week Low – Here’s What Happened

Shares of Varonis Systems, Inc. (NASDAQ:VRNS) reached a new 52-week low during trading on Friday . The stock traded as low as $37.81 and last traded at $38.36, with a volume of 2294460 shares changing hands. The stock had previously closed at $40.48.

Analysts Set New Price Targets

A number of brokerages have weighed in on VRNS. StockNews.com upgraded shares of Varonis Systems from a “sell” rating to a “hold” rating in a research report on Saturday, March 8th. Needham & Company LLC reissued a “buy” rating and set a $67.00 target price on shares of Varonis Systems in a research note on Wednesday, February 5th. Jefferies Financial Group lowered their price objective on Varonis Systems from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Piper Sandler dropped their price target on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Finally, Citigroup lowered their target price 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. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.53.

Varonis Systems Price Performance

The company has a fifty day moving average price of $42.29 and a two-hundred day moving average price of $47.88. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -44.60 and a beta of 0.76. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.99.

Varonis Systems (NASDAQ:VRNS) last announced its 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 20.35% and a negative net margin of 17.38%. On average, equities research analysts expect that Varonis Systems, Inc. will post -0.83 EPS for the current fiscal year.

Varonis Systems declared that its board has authorized a share buyback program on Monday, February 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Varonis Systems

A number of institutional investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC lifted its position in shares of Varonis Systems by 57.9% during the 3rd quarter. Cerity Partners LLC now owns 10,220 shares of the technology company’s stock valued at $577,000 after acquiring an additional 3,747 shares during the period. Captrust Financial Advisors raised its holdings in Varonis Systems by 11.3% during the third quarter. Captrust Financial Advisors now owns 8,263 shares of the technology company’s stock worth $467,000 after purchasing an additional 837 shares during the last quarter. Benjamin Edwards Inc. purchased a new stake in Varonis Systems during the third quarter worth $348,000. Point72 Asset Management L.P. acquired a new stake in Varonis Systems in the third quarter valued at $2,294,000. Finally, Two Sigma Advisers LP grew its holdings in Varonis Systems by 46.7% in the third quarter. Two Sigma Advisers LP now owns 839,200 shares of the technology company’s stock valued at $47,415,000 after purchasing an additional 267,000 shares during the last quarter. Hedge funds and other 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.