Robert W. Baird reaffirmed their buy rating on shares of Varonis Systems (NASDAQ:VRNS) in a research note published on Tuesday morning, AnalystRatings.com reports.
“We maintain our Outperform rating and increase our price target to $80. Varonis reported a significant acceleration in subscription mix in 2Q19 to 56% of license revenue from guidance of 25%. While this contributed to weak reported results, a faster-than-anticipated shift to subscription and greater adoption of the Varonis platform validates the new pricing model, drives a broader value proposition to customers and increases value to shareholders long term.”,” Robert W. Baird’s analyst wrote.
Several other brokerages have also issued reports on VRNS. UBS Group boosted their target price on Varonis Systems from $68.00 to $80.00 and gave the company an outperform rating in a research note on Tuesday, April 30th. Zacks Investment Research upgraded Varonis Systems from a sell rating to a hold rating in a research note on Friday, June 28th. DA Davidson boosted their target price on Varonis Systems to $78.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Jefferies Financial Group boosted their target price on Varonis Systems from $73.00 to $77.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Finally, Morgan Stanley boosted their target price on Varonis Systems from $55.00 to $65.00 and gave the company an equal weight rating in a research note on Tuesday, April 30th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Varonis Systems presently has an average rating of Buy and an average price target of $74.00.
Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings data on Monday, April 29th. The technology company reported ($0.68) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.64) by ($0.04). Varonis Systems had a negative return on equity of 38.92% and a negative net margin of 17.73%. The business had revenue of $56.40 million during the quarter, compared to analysts’ expectations of $59.36 million. During the same period in the prior year, the firm posted ($0.22) EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities analysts forecast that Varonis Systems will post -1.75 earnings per share for the current year.
In other Varonis Systems news, EVP David Bass sold 42,416 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $72.54, for a total value of $3,076,856.64. Following the transaction, the executive vice president now directly owns 202,833 shares in the company, valued at approximately $14,713,505.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ohad Korkus sold 6,861 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $80.00, for a total value of $548,880.00. Following the completion of the transaction, the director now owns 29,013 shares in the company, valued at $2,321,040. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,277 shares of company stock worth $4,785,237. 2.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System increased its stake in Varonis Systems by 5.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 13,855 shares of the technology company’s stock worth $826,000 after acquiring an additional 660 shares during the last quarter. Meitav Dash Investments Ltd. boosted its holdings in shares of Varonis Systems by 46.5% in the 1st quarter. Meitav Dash Investments Ltd. now owns 8,032 shares of the technology company’s stock worth $474,000 after purchasing an additional 2,550 shares in the last quarter. Coronation Fund Managers Ltd. purchased a new position in shares of Varonis Systems in the 1st quarter worth about $2,090,000. Virtu Financial LLC purchased a new position in shares of Varonis Systems in the 1st quarter worth about $306,000. Finally, Deutsche Bank AG boosted its holdings in shares of Varonis Systems by 220.0% in the 4th quarter. Deutsche Bank AG now owns 266,503 shares of the technology company’s stock worth $14,095,000 after purchasing an additional 183,229 shares in the last quarter. Institutional investors and hedge funds own 89.62% of the company’s stock.
About Varonis Systems
Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, and secure enterprise data. Its software allows enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential customer, and patient and employee data; financial records; strategic and product plans; and other intellectual property.
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