Varonis Systems (NASDAQ:VRNS) Releases Q2 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of -0.030–0.020 for the period, compared to the consensus estimate of -0.010. The company issued revenue guidance of $123.0 million-$126.0 million, compared to the consensus revenue estimate of $125.5 million. Varonis Systems also updated its FY24 guidance to $0.13-0.16 EPS.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on VRNS. Piper Sandler upped their price target on shares of Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Royal Bank of Canada reiterated an outperform rating and set a $56.00 price target on shares of Varonis Systems in a report on Friday, March 15th. JMP Securities reiterated a market outperform rating and issued a $63.00 target price on shares of Varonis Systems in a research note on Monday, February 5th. Stephens restated an overweight rating and set a $55.00 price target on shares of Varonis Systems in a report on Tuesday, February 6th. Finally, Truist Financial reissued a buy rating and set a $55.00 target price (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $48.81.

Varonis Systems Trading Up 1.9 %

Varonis Systems stock opened at $44.59 on Tuesday. Varonis Systems has a 12 month low of $22.87 and a 12 month high of $52.88. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of -48.47 and a beta of 0.84. The business has a 50 day moving average price of $46.97 and a two-hundred day moving average price of $44.23. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.51.

Varonis Systems (NASDAQ:VRNS) last issued its earnings results on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. The business had revenue of $154.10 million during the quarter, compared to analyst estimates of $151.64 million. As a group, equities analysts forecast that Varonis Systems will post -0.96 EPS for the current year.

Insider Activity

In other news, CFO Guy Melamed sold 188,503 shares of Varonis Systems stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.88, for a total transaction of $9,402,529.64. Following the sale, the chief financial officer now directly owns 645,876 shares in the company, valued at approximately $32,216,294.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Ofer Segev sold 5,000 shares of Varonis Systems stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $52.13, for a total value of $260,650.00. Following the completion of the sale, the director now directly owns 75,682 shares in the company, valued at $3,945,302.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Guy Melamed sold 188,503 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.88, for a total value of $9,402,529.64. Following the sale, the chief financial officer now directly owns 645,876 shares of the company’s stock, valued at $32,216,294.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 372,419 shares of company stock worth $18,571,413. 2.60% of the stock is currently owned by corporate 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.