Varonis Systems (NASDAQ:VRNS) Releases FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $0.22-0.24 for the period, compared to the consensus earnings per share estimate of $0.16. The company issued revenue guidance of $544-552 million, compared to the consensus revenue estimate of $541.98 million. Varonis Systems also updated its Q3 guidance to $0.07-0.08 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Robert W. Baird boosted their price target on shares of Varonis Systems from $50.00 to $52.00 and gave the stock a neutral rating in a research note on Friday. JPMorgan Chase & Co. raised Varonis Systems from a neutral rating to an overweight rating and increased their price target for the company from $50.00 to $54.00 in a research report on Friday, June 14th. Royal Bank of Canada boosted their price objective on Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a research report on Tuesday, May 7th. Barclays upped their target price on shares of Varonis Systems from $53.00 to $55.00 and gave the stock an overweight rating in a research note on Thursday, July 11th. Finally, Needham & Company LLC reiterated a hold rating on shares of Varonis Systems in a research note on Monday, May 13th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $50.56.

Varonis Systems Stock Performance

VRNS traded up $0.02 during trading on Monday, hitting $48.49. 2,168,728 shares of the stock were exchanged, compared to its average volume of 1,236,777. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $5.41 billion, a P/E ratio of -51.56 and a beta of 0.82. The stock has a fifty day moving average price of $45.38 and a two-hundred day moving average price of $46.33. Varonis Systems has a 1-year low of $28.15 and a 1-year high of $52.88.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, May 6th. The technology company reported ($0.37) earnings per share for the quarter, hitting the consensus estimate of ($0.37). The business had revenue of $114.02 million during the quarter, compared to the consensus estimate of $113.81 million. Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. As a group, sell-side analysts predict that Varonis Systems will post -0.97 earnings per share for the current year.

Insider Activity

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the transaction, the chief executive officer now directly owns 1,452,922 shares in the company, valued at $65,715,662.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.60% of the company’s stock.

Varonis Systems Company Profile

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.