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

Varonis Systems (NASDAQ:VRNS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.220-0.240 for the period, compared to the consensus EPS estimate of 0.170. The company issued revenue guidance of $544.0 million-$552.0 million, compared to the consensus revenue estimate of $542.2 million. Varonis Systems also updated its FY24 guidance to $0.22-0.24 EPS.

Varonis Systems Price Performance

VRNS stock traded up $0.02 during mid-day trading on Monday, reaching $48.49. 2,173,910 shares of the company traded hands, compared to its average volume of 1,236,777. The company has a fifty day moving average price of $45.38 and a 200-day moving average price of $46.33. Varonis Systems has a 52-week low of $28.15 and a 52-week high of $52.88. The company has a market capitalization of $5.41 billion, a P/E 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.

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

Analyst Ratings Changes

A number of brokerages have recently commented on VRNS. JPMorgan Chase & Co. raised shares of Varonis Systems from a neutral rating to an overweight rating and increased their price target for the stock from $50.00 to $54.00 in a report on Friday, June 14th. Barclays lifted their target price 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. Royal Bank of Canada upped their price target on shares of Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a research report on Tuesday, May 7th. Robert W. Baird lifted their price objective 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 reiterated a hold rating on shares of Varonis Systems in a report on Monday, May 13th. 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 data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $50.56.

Insider Activity at Varonis Systems

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the sale, the chief executive officer now owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

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.