Varonis Systems (NASDAQ:VRNS) Releases Q3 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.070-0.080 for the period, compared to the consensus estimate of 0.030. The company issued revenue guidance of $140.0 million-$143.0 million, compared to the consensus revenue estimate of $135.6 million. Varonis Systems also updated its FY 2024 guidance to 0.220-0.240 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the company a neutral rating in a research note on Tuesday. Truist Financial reiterated a buy rating and issued a $60.00 target price (up previously from $55.00) on shares of Varonis Systems in a research note on Tuesday. Barclays boosted their price objective on shares of Varonis Systems from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the stock an equal weight rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of Varonis Systems from a neutral rating to an overweight rating and boosted their price objective for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $53.13.

Varonis Systems Stock Performance

Shares of VRNS stock traded up $5.22 on Tuesday, reaching $53.71. The stock had a trading volume of 3,795,439 shares, compared to its average volume of 1,254,480. 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’s 50-day moving average is $45.47 and its two-hundred day moving average is $46.34. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -57.93 and a beta of 0.82. Varonis Systems has a 12 month low of $28.15 and a 12 month high of $56.68.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The company had revenue of $130.35 million for the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. Varonis Systems’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) EPS. On average, research analysts expect that Varonis Systems will post -0.97 EPS for the current fiscal year.

Insider Activity

In other 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 value of $12,854,863.53. Following the sale, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by insiders.

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.