Varonis Systems (NASDAQ:VRNS) Updates FY 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.220-0.240 for the period, compared to the consensus estimate of 0.170. The company issued revenue guidance of $544.0 million-$552.0 million, compared to the consensus revenue estimate of $542.2 million. Varonis Systems also updated its FY24 guidance to $0.22-0.24 EPS.

Analyst Ratings Changes

VRNS has been the topic of several recent research reports. Needham & Company LLC reaffirmed a hold rating on shares of Varonis Systems in a report on Tuesday. JPMorgan Chase & Co. raised shares of Varonis Systems from a neutral rating to an overweight rating and upped their price target for the company from $50.00 to $54.00 in a research note on Friday, June 14th. Piper Sandler lifted their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a research note on Tuesday. TD Cowen boosted their target price on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a buy rating in a report on Tuesday. Finally, Wedbush increased their price target on shares of Varonis Systems from $65.00 to $67.00 and gave the company an outperform rating in a report on Tuesday. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Varonis Systems presently has an average rating of Moderate Buy and an average target price of $55.00.

Varonis Systems Trading Up 0.8 %

VRNS stock traded up $0.42 during trading on Wednesday, hitting $56.01. The company had a trading volume of 861,370 shares, compared to its average volume of 1,284,420. Varonis Systems has a 52-week low of $28.15 and a 52-week high of $57.00. The company has a 50 day simple moving average of $45.71 and a 200-day simple moving average of $46.40. The firm has a market capitalization of $6.25 billion, a P/E ratio of -59.14 and a beta of 0.83. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.55.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $130.35 million for the quarter, compared to analyst estimates of $124.83 million. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.28%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company posted ($0.35) earnings per share. As a group, research analysts forecast that Varonis Systems will post -0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of the stock in a transaction on Thursday, May 9th. The stock was 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 owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by corporate 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.