Stock Buyback Program Announced by Varonis Systems (NASDAQ:VRNS) Board of Directors

Varonis Systems (NASDAQ:VRNS) announced that its Board of Directors has authorized a stock buyback plan on Monday, February 10th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the technology company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Varonis Systems Stock Performance

Varonis Systems stock opened at $43.17 on Thursday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 1.05. Varonis Systems has a twelve month low of $39.62 and a twelve month high of $60.58. The company’s 50-day moving average price is $45.38 and its 200-day moving average price is $51.17. The company has a market cap of $4.86 billion, a PE ratio of -50.20 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Tuesday, February 4th. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative return on equity of 20.45% and a negative net margin of 17.38%. On average, equities research analysts forecast that Varonis Systems will post -0.74 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VRNS. Wells Fargo & Company dropped their price target on shares of Varonis Systems from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised their target price on Varonis Systems from $59.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of Varonis Systems in a research report on Wednesday, October 30th. Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a report on Thursday, January 9th. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Piper Sandler reduced their target price on shares of Varonis Systems from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.38.

About Varonis Systems

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.