RBC Capital Believes Varonis Systems (NASDAQ: VRNS) Won’t Stop Here

RBC Capital analyst Matthew Hedberg maintained a Buy rating on Varonis Systems (VRNSResearch Report) on February 22 and set a price target of $215.00. The company’s shares closed last Tuesday at $200.87, close to its 52-week high of $226.00.

According to TipRanks.com, Hedberg is a top 25 analyst with an average return of 38.2% and a 78.3% success rate. Hedberg covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Palantir Technologies, and Ping Identity Holding.

Varonis Systems has an analyst consensus of Strong Buy, with a price target consensus of $221.07, representing a 14.0% upside. In a report issued on February 9, JMP Securities also maintained a Buy rating on the stock with a $218.00 price target.

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Based on Varonis Systems’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $95.2 million and GAAP net loss of $19.03 million. In comparison, last year the company earned revenue of $72.56 million and had a GAAP net loss of $14.65 million.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VRNS in relation to earlier this year.

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Varonis Systems, Inc. engages in providing data security and analytics. It operates through the following segments: United States, EMEA, and Rest of the World. Its products includes datadvantage, data classification engine, data transport engine, Varonis edge, datanswers, datalert, dataprivilege, automation engine, and GDPR patterns. The company was founded by Yaki Faitelson and Ohad Korkus on November 3, 2004 and is headquartered in New York, NY.