Varonis Systems (NASDAQ:VRNS) Releases Q2 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $(0.03)-(0.02) for the period, compared to the consensus EPS estimate of ($0.01). The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $125.35 million. Varonis Systems also updated its FY24 guidance to $0.13-0.16 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JMP Securities reiterated a market outperform rating and issued a $63.00 price objective on shares of Varonis Systems in a research note on Monday, February 5th. Truist Financial reaffirmed a buy rating and set a $55.00 price objective (up from $50.00) on shares of Varonis Systems in a report on Wednesday, March 13th. Piper Sandler upped their price target on shares of Varonis Systems from $40.00 to $45.00 and gave the company a neutral rating in a research report on Tuesday, February 6th. Robert W. Baird lifted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a report on Tuesday, February 6th. Finally, Wedbush upgraded Varonis Systems from a neutral rating to an outperform rating and increased their target price for the company from $35.00 to $65.00 in a report on Tuesday, February 6th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Varonis Systems currently has an average rating of Moderate Buy and an average target price of $48.81.

Varonis Systems Price Performance

Varonis Systems stock traded up $0.82 during mid-day trading on Monday, hitting $44.59. The stock had a trading volume of 2,091,894 shares, compared to its average volume of 1,171,791. The firm’s 50 day moving average is $47.08 and its 200 day moving average is $44.15. Varonis Systems has a one year low of $22.87 and a one year high of $52.88. The firm has a market capitalization of $4.98 billion, a P/E ratio of -47.78 and a beta of 0.84. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.51.

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. The company had revenue of $154.10 million for the quarter, compared to analysts’ expectations of $151.64 million. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. On average, sell-side analysts forecast that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP David Bass sold 116,325 shares of Varonis Systems stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $50.32, for a total value of $5,853,474.00. Following the sale, the executive vice president now directly owns 650,972 shares of the company’s stock, valued at $32,756,911.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP David Bass sold 116,325 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the sale, the executive vice president now directly owns 650,972 shares in the company, valued at approximately $32,756,911.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dov Gottlieb sold 43,091 shares of Varonis Systems stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.02, for a total value of $2,069,229.82. Following the completion of the transaction, the vice president now owns 227,654 shares of the company’s stock, valued at approximately $10,931,945.08. The disclosure for this sale can be found here. Insiders have sold a total of 372,419 shares of company stock worth $18,571,413 in the last 90 days. 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.