Varonis Systems (VRNS) Trading Down 6.9%

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Varonis Systems Inc (NASDAQ:VRNS)’s share price dropped 6.9% during trading on Monday . The stock traded as low as $72.25 and last traded at $73.00. Approximately 787,498 shares were traded during mid-day trading, an increase of 144% from the average daily volume of 323,407 shares. The stock had previously closed at $78.45.

VRNS has been the topic of several research reports. BidaskClub upgraded shares of Varonis Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, March 23rd. Stifel Nicolaus upped their price target on shares of Varonis Systems from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, April 11th. ValuEngine upgraded shares of Varonis Systems from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research downgraded shares of Varonis Systems from a “buy” rating to a “sell” rating in a research note on Saturday, May 5th. Finally, Benchmark restated a “buy” rating and issued a $69.00 price target (up from $60.00) on shares of Varonis Systems in a research note on Monday, April 2nd. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $71.79.

The company has a market capitalization of $2.26 billion, a PE ratio of -146.00 and a beta of 0.78.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Monday, April 30th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.09. The firm had revenue of $53.53 million for the quarter, compared to the consensus estimate of $49.71 million. Varonis Systems had a negative net margin of 7.75% and a negative return on equity of 17.00%. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) earnings per share. equities research analysts forecast that Varonis Systems Inc will post -1.03 earnings per share for the current fiscal year.

In other Varonis Systems news, Director Gili Iohan sold 17,931 shares of the stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $81.69, for a total transaction of $1,464,783.39. Following the sale, the director now directly owns 15,429 shares in the company, valued at $1,260,395.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Guy Melamed sold 833 shares of the stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $64.24, for a total transaction of $53,511.92. Following the sale, the chief financial officer now owns 131,368 shares in the company, valued at $8,439,080.32. The disclosure for this sale can be found here. Insiders have sold 344,916 shares of company stock worth $26,683,132 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in shares of Varonis Systems in the first quarter worth about $159,000. ETRADE Capital Management LLC bought a new position in shares of Varonis Systems in the fourth quarter worth about $209,000. Quantitative Systematic Strategies LLC bought a new position in shares of Varonis Systems in the first quarter worth about $220,000. Teacher Retirement System of Texas bought a new position in shares of Varonis Systems in the fourth quarter worth about $254,000. Finally, Invictus RG bought a new position in shares of Varonis Systems in the fourth quarter worth about $271,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

About Varonis Systems

Varonis Systems, Inc provides software solutions that protect data from insider threats and cyberattacks. The company, through its software, allows organizations to protect data stored on premises and on cloud, such as sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property.

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