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

by · The Markets Daily

Varonis Systems (NASDAQ:VRNS – Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.260-0.270 for the period, compared to the consensus EPS estimate of 0.240. The company issued revenue guidance of $554.4 million-$559.4 million, compared to the consensus revenue estimate of $549.3 million. Varonis Systems also updated its Q4 guidance to $0.13-0.14 EPS.

Varonis Systems Stock Performance

Shares of NASDAQ VRNS traded up $1.21 during midday trading on Friday, reaching $51.58. The company had a trading volume of 2,086,677 shares, compared to its average volume of 1,335,958. Varonis Systems has a 1 year low of $32.26 and a 1 year high of $60.58. The business’s 50-day simple moving average is $55.98 and its 200 day simple moving average is $49.99. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The stock has a market cap of $5.79 billion, a P/E ratio of -67.04 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS – Get Free Report) last issued its quarterly 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. Varonis Systems had a negative return on equity of 17.22% and a negative net margin of 15.31%. The company had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. During the same quarter in the previous year, the firm posted ($0.35) EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, analysts forecast that Varonis Systems will post -0.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on VRNS. Susquehanna raised their price target on shares of Varonis Systems from $55.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, July 30th. Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research note on Tuesday, July 30th. Wedbush reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Varonis Systems in a report on Monday, August 26th. Piper Sandler lifted their price objective on Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, UBS Group upped their target price on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.75.

Read Our Latest Analysis on Varonis Systems

Insider Buying and Selling at Varonis Systems

In related news, Vice Chairman James O’boyle sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $51.04, for a total transaction of $3,828,000.00. Following the completion of the sale, the insider now directly owns 494,114 shares in the company, valued at approximately $25,219,578.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by company insiders.

About Varonis Systems

(Get Free Report)

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.

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