Varonis Systems (NASDAQ:VRNS) Reaches New 1-Year High Following Earnings Beat

Varonis Systems, Inc. (NASDAQ:VRNS) reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $56.68 and last traded at $54.37, with a volume of 1311722 shares traded. The stock had previously closed at $48.49.

The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. The business had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. During the same quarter last year, the company posted ($0.35) earnings per share. Varonis Systems’s quarterly revenue was up 12.9% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Barclays boosted their price objective on Varonis Systems from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday. Susquehanna boosted their price objective on Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a report on Tuesday. Piper Sandler boosted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Varonis Systems in a report on Tuesday. Finally, JPMorgan Chase & Co. upgraded Varonis Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $50.00 to $54.00 in a report on Friday, June 14th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Varonis Systems currently has an average rating of “Moderate Buy” and a consensus target price of $52.69.

Insider Transactions at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares in the company, valued at $65,715,662.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Varonis Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Varonis Systems by 1.4% during the first quarter. Vanguard Group Inc. now owns 11,256,692 shares of the technology company’s stock valued at $530,978,000 after acquiring an additional 155,040 shares during the last quarter. First Trust Advisors LP boosted its position in Varonis Systems by 7.9% during the fourth quarter. First Trust Advisors LP now owns 4,426,593 shares of the technology company’s stock valued at $200,436,000 after acquiring an additional 325,347 shares during the last quarter. Clearbridge Investments LLC boosted its position in Varonis Systems by 1.9% during the fourth quarter. Clearbridge Investments LLC now owns 3,722,692 shares of the technology company’s stock valued at $168,563,000 after acquiring an additional 70,572 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Varonis Systems by 126.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,915,119 shares of the technology company’s stock valued at $90,336,000 after acquiring an additional 1,070,821 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Varonis Systems by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,636,792 shares of the technology company’s stock worth $78,517,000 after purchasing an additional 133,109 shares in the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.

Varonis Systems Stock Up 12.1 %

The company has a market cap of $6.06 billion, a P/E ratio of -58.26 and a beta of 0.82. The stock’s 50-day moving average price is $45.47 and its 200-day moving average price is $46.34. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55.

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.