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

Varonis Systems (NASDAQ:VRNS) 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 Trading Up 2.4 %

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

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 15.31% and a negative return on equity of 17.22%. The company had revenue of $130.35 million for the quarter, compared to analyst estimates of $124.83 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Analysts anticipate that Varonis Systems will post -0.83 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VRNS shares. Truist Financial reiterated a “buy” rating and set a $60.00 target price (up from $55.00) on shares of Varonis Systems in a report on Tuesday, July 30th. UBS Group increased their price objective on Varonis Systems from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of Varonis Systems in a research note on Wednesday. Piper Sandler increased their price target on Varonis Systems from $48.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Varonis Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.75.

Insider Activity at Varonis Systems

In related news, Vice Chairman James O’boyle sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the sale, the insider now directly owns 444,114 shares of the company’s stock, valued at $26,540,252.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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.