Varonis Systems (NASDAQ:VRNS) Updates FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $0.13-0.16 for the period, compared to the consensus earnings per share estimate of $0.12. The company issued revenue guidance of $536-546 million, compared to the consensus revenue estimate of $541.70 million. Varonis Systems also updated its Q2 guidance to $(0.03)-(0.02) EPS.

Varonis Systems Trading Down 1.1 %

Shares of Varonis Systems stock traded down $0.51 during trading on Thursday, hitting $45.13. The stock had a trading volume of 236,543 shares, compared to its average volume of 1,181,226. The stock has a market cap of $5.04 billion, a PE ratio of -48.55 and a beta of 0.84. Varonis Systems has a 12 month low of $23.09 and a 12 month high of $52.88. The firm’s fifty day simple moving average is $46.75 and its 200-day simple moving average is $44.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. Varonis Systems had a negative net margin of 20.22% and a negative return on equity of 20.04%. The firm had revenue of $154.10 million for the quarter, compared to analysts’ expectations of $151.64 million. As a group, sell-side analysts expect that Varonis Systems will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on VRNS. Wells Fargo & Company raised their price objective on Varonis Systems from $42.00 to $45.00 and gave the stock an equal weight rating in a report on Tuesday, February 6th. Wedbush raised shares of Varonis Systems from a neutral rating to an outperform rating and upped their price objective for the stock from $35.00 to $65.00 in a research note on Tuesday, February 6th. Royal Bank of Canada raised their target price on shares of Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a research report on Tuesday. Truist Financial reissued a buy rating and issued a $55.00 price target (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Finally, Robert W. Baird increased their price target on shares of Varonis Systems from $48.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Varonis Systems presently has an average rating of Moderate Buy and a consensus price target of $49.06.

Insiders Place Their Bets

In other Varonis Systems news, Director Gili Iohan sold 19,500 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total value of $985,530.00. Following the completion of the transaction, the director now directly owns 19,263 shares of the company’s stock, valued at $973,552.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Gili Iohan sold 19,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $50.54, for a total transaction of $985,530.00. Following the sale, the director now directly owns 19,263 shares in the company, valued at approximately $973,552.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ofer Segev sold 5,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $52.13, for a total value of $260,650.00. Following the transaction, the director now owns 75,682 shares in the company, valued at approximately $3,945,302.66. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

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.