Varonis Systems (NASDAQ:VRNS) Updates FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.13-0.16 for the period, compared to the consensus estimate of $0.12. The company issued revenue guidance of $536-546 million, compared to the consensus revenue estimate of $541.70 million. Varonis Systems also updated its Q2 guidance to $(0.03)-(0.02) EPS.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wedbush upgraded shares of Varonis Systems from a neutral rating to an outperform rating and boosted their price objective for the stock from $35.00 to $65.00 in a research note on Tuesday, February 6th. Stephens reiterated an overweight rating and set a $55.00 price target on shares of Varonis Systems in a report on Tuesday, February 6th. Citigroup increased their price objective on Varonis Systems from $35.00 to $45.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. Piper Sandler boosted their target price on shares of Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Finally, DA Davidson reissued a neutral rating and issued a $45.00 price target (up from $37.00) on shares of Varonis Systems in a report on Thursday, January 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $48.81.

Varonis Systems Price Performance

NASDAQ:VRNS traded up $0.82 during trading hours on Monday, reaching $44.59. The company had a trading volume of 2,083,342 shares, compared to its average volume of 1,171,791. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average of $47.08 and a two-hundred day moving average of $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 PE ratio of -47.78 and a beta of 0.84.

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

Insiders Place Their Bets

In other news, Director Ofer Segev sold 5,000 shares of Varonis Systems stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $52.13, for a total value of $260,650.00. Following the completion of the transaction, the director now owns 75,682 shares in the company, valued at $3,945,302.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ofer Segev sold 5,000 shares of the firm’s stock in a transaction on 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 accessible through this link. Also, 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 value of $9,402,529.64. Following the completion of the transaction, 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. Over the last ninety days, insiders have sold 372,419 shares of company stock valued at $18,571,413. 2.60% of the stock is currently owned by 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.