Varonis Systems (NASDAQ:VRNS) Issues Q3 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.07-0.08 for the period, compared to the consensus estimate of $0.03. The company issued revenue guidance of $140-143 million, compared to the consensus revenue estimate of $135.71 million. Varonis Systems also updated its FY24 guidance to $0.22-0.24 EPS.

Analyst Ratings Changes

A number of research analysts recently issued reports on VRNS shares. Barclays raised their target price on shares of Varonis Systems from $53.00 to $55.00 and gave the company an overweight rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. upgraded Varonis Systems from a neutral rating to an overweight rating and raised their price objective for the stock from $50.00 to $54.00 in a research report on Friday, June 14th. Royal Bank of Canada lifted their price objective on Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a report on Tuesday, May 7th. Robert W. Baird boosted their target price on Varonis Systems from $50.00 to $52.00 and gave the stock a neutral rating in a report on Friday. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Varonis Systems in a report on Monday, May 13th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $50.56.

Varonis Systems Stock Performance

Shares of VRNS traded up $0.02 during trading hours on Monday, hitting $48.49. The company had a trading volume of 2,145,453 shares, compared to its average volume of 1,234,447. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -51.56 and a beta of 0.82. 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 business has a fifty day moving average of $45.38 and a 200-day moving average of $46.33. Varonis Systems has a 12 month low of $28.15 and a 12 month high of $52.88.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Monday, May 6th. The technology company reported ($0.37) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.37). The company had revenue of $114.02 million during the quarter, compared to analysts’ expectations of $113.81 million. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. Equities analysts anticipate that Varonis Systems will post -0.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of the firm’s 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 in the company, valued at approximately $65,715,662.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

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.