Robert W. Baird Sticks to Their Buy Rating for Varonis Systems (VRNS)


Robert W. Baird analyst Jonathan Ruykhaver maintained a Buy rating on Varonis Systems (NASDAQ: VRNS) today and set a price target of $75. The company’s shares closed yesterday at $60.62.

Ruykhaver said:

“We maintain our Outperform rating and $75 price target. License sales rebounded from the execution issues in 2Q with United States growth of +27% YoY. While new customer growth is lagging (-11% YoY), the average spend per new customer is more than offsetting (+28% YoY). We continue to think there is untapped pricing power as the company’s solutions drive tremendous value for customers and the competitive environment remains benign.”

According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 21.8% and a 66.3% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Proofpoint Inc, and Mimecast Ltd.

Currently, the analyst consensus on Varonis Systems is a Moderate Buy with an average price target of $74.80, a 23.4% upside from current levels. In a report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $80 price target.

.

See today’s analyst top recommended stocks >>

Based on Varonis Systems’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $12.68 million. In comparison, last year the company had a GAAP net loss of $3.31 million.

Based on the recent corporate insider activity of 52 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Varonis Systems, Inc. engages in the provision of 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.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts