JPMorgan Chase & Co. Raises Varonis Systems (NASDAQ:VRNS) Price Target to $65.00

Varonis Systems (NASDAQ:VRNS) had its price target lifted by JPMorgan Chase & Co. from $59.00 to $65.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.11% from the stock’s current price.

Several other brokerages also recently weighed in on VRNS. Robert W. Baird raised their target price on Varonis Systems from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Susquehanna increased their target price on Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a research note on Tuesday, July 30th. Barclays lifted their price target on shares of Varonis Systems from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, UBS Group increased their price objective on shares of Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and a consensus price target of $58.31.

Varonis Systems Stock Up 2.9 %

Varonis Systems stock traded up $1.64 during midday trading on Monday, hitting $58.50. 152,721 shares of the company were exchanged, compared to its average volume of 1,286,656. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.44 and a quick ratio of 2.44. Varonis Systems has a fifty-two week low of $31.03 and a fifty-two week high of $60.58. The company’s fifty day moving average price is $56.11 and its 200-day moving average price is $49.76. The company has a market cap of $6.56 billion, a PE ratio of -73.13 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.31%. The business had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, research analysts predict that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Activity at Varonis Systems

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total value of $2,988,000.00. Following the sale, the insider now directly owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Varonis Systems

A number of hedge funds have recently made changes to their positions in the business. Fidelis Capital Partners LLC acquired a new stake in Varonis Systems in the 1st quarter valued at approximately $63,000. International Assets Investment Management LLC raised its stake in shares of Varonis Systems by 5,550.0% during the third quarter. International Assets Investment Management LLC now owns 2,486 shares of the technology company’s stock valued at $140,000 after purchasing an additional 2,442 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Varonis Systems in the second quarter worth about $215,000. O Neil Global Advisors Inc. grew its position in Varonis Systems by 4.8% in the 2nd quarter. O Neil Global Advisors Inc. now owns 4,775 shares of the technology company’s stock valued at $229,000 after buying an additional 220 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Varonis Systems during the 2nd quarter valued at about $260,000. 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.