Morgan Stanley Has Lowered Expectations for Varonis Systems (NASDAQ:VRNS) Stock Price

Varonis Systems (NASDAQ:VRNS) had its price objective dropped by analysts at Morgan Stanley from $54.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 12.75% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Varonis Systems from a “hold” rating to a “sell” rating in a report on Friday, April 11th. Piper Sandler dropped their price objective on Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Wells Fargo & Company decreased their price target on Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. Needham & Company LLC restated a “buy” rating and issued a $67.00 target price on shares of Varonis Systems in a research report on Wednesday, February 5th. Finally, Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research note on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.11.

Varonis Systems Stock Performance

Shares of NASDAQ VRNS traded down $0.88 during midday trading on Wednesday, hitting $40.80. 406,072 shares of the company’s stock were exchanged, compared to its average volume of 1,506,420. The company’s 50 day moving average price is $41.51 and its 200 day moving average price is $46.95. Varonis Systems has a 12 month low of $36.53 and a 12 month high of $60.58. The firm has a market capitalization of $4.59 billion, a PE ratio of -47.44 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 posted its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. As a group, analysts predict that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Varonis Systems announced that its Board of Directors has approved a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Varonis Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Varonis Systems during the fourth quarter worth $56,561,000. Groupama Asset Managment acquired a new position in shares of Varonis Systems in the 4th quarter valued at about $55,538,000. Assenagon Asset Management S.A. boosted its position in shares of Varonis Systems by 761.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,125,960 shares of the technology company’s stock valued at $50,026,000 after purchasing an additional 995,274 shares in the last quarter. Deutsche Bank AG grew its stake in Varonis Systems by 97.7% during the fourth quarter. Deutsche Bank AG now owns 1,338,452 shares of the technology company’s stock worth $59,467,000 after purchasing an additional 661,436 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in Varonis Systems by 64.5% in the fourth quarter. Two Sigma Advisers LP now owns 1,380,200 shares of the technology company’s stock worth $61,322,000 after purchasing an additional 541,000 shares in the last quarter. Institutional investors and hedge funds own 95.65% of the company’s stock.

Varonis Systems Company Profile

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.