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

Varonis Systems (NASDAQ:VRNS) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.070-0.080 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on VRNS. Royal Bank of Canada upped their price target on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a research note on Tuesday, May 7th. Needham & Company LLC reaffirmed a hold rating on shares of Varonis Systems in a research note on Monday, May 13th. Robert W. Baird boosted their price objective on shares of Varonis Systems from $50.00 to $52.00 and gave the stock a neutral rating in a research report on Friday. Barclays boosted their price objective on shares of Varonis Systems from $53.00 to $55.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. 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. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Varonis Systems presently has a consensus rating of Moderate Buy and a consensus price target of $50.56.

Varonis Systems Trading Up 0.0 %

NASDAQ:VRNS traded up $0.02 on Monday, reaching $48.49. The stock had a trading volume of 2,173,910 shares, compared to its average volume of 1,236,777. The company 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 debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The firm’s fifty day moving average is $45.38 and its two-hundred day moving average is $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 announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $113.81 million. Varonis Systems had a negative net margin of 20.38% and a negative return on equity of 21.33%. Equities analysts expect that Varonis Systems will post -0.97 EPS for the current fiscal year.

Insider Transactions at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of the 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 approximately $65,715,662.06. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.