Varonis Systems (NASDAQ:VRNS) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Varonis Systems (NASDAQ:VRNS) posted its earnings results on Monday. The technology company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07, Briefing.com reports. The firm had revenue of $130.35 million during the quarter, compared to the consensus estimate of $124.83 million. Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) earnings per share.

Varonis Systems Stock Up 12.3 %

Varonis Systems stock traded up $5.96 during mid-day trading on Tuesday, reaching $54.45. The stock had a trading volume of 2,466,050 shares, compared to its average volume of 1,236,751. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of -57.93 and a beta of 0.82. The company has a 50-day moving average price of $45.47 and a two-hundred day moving average price of $46.34. Varonis Systems has a one year low of $28.15 and a one year high of $56.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38.

Insider Buying and Selling

In related news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $45.23, for a total value of $12,854,863.53. Following the transaction, the chief executive officer now owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on VRNS. Royal Bank of Canada raised their price objective on shares of Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday. Robert W. Baird upgraded shares of Varonis Systems from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $52.00 to $60.00 in a research report on Tuesday. Barclays lifted their target price on shares of Varonis Systems from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday. Wells Fargo & Company lifted their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research report on Tuesday. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.13.

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.