In a report released today, Jonathan Ruykhaver from Robert W. Baird maintained a Buy rating on Varonis Systems (VRNS), with a price target of $68. The company’s shares opened today at $62.22.
Ruykhaver said:
“We were cautious during the initial rally and believed the shift to Subscription billings was almost completely priced in ($73/share implies 7.6x CY20 EV/Sales, in line with full subscription and faster growing peers). However, with this pullback, we are more constructive on shares given potential upside to estimates based on our calculation of normalized growth.”
According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 21.8% and a 73.3% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Carbon Black Inc, and Proofpoint Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Varonis Systems with a $74.33 average price target, implying a 19.5% upside from current levels. In a report issued on June 21, Wedbush also maintained a Buy rating on the stock with a $85 price target.
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The company has a one-year high of $82 and a one-year low of $48.67. Currently, Varonis Systems has an average volume of 334.3K.
Based on the recent corporate insider activity of 28 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.
