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

Varonis Systems (NASDAQ:VRNS) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of -0.030–0.020 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Varonis Systems from $49.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday, February 6th. Stephens reissued an overweight rating and issued a $55.00 price target on shares of Varonis Systems in a research note on Tuesday, February 6th. Citigroup lifted their price objective on Varonis Systems from $35.00 to $45.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Truist Financial restated a buy rating and set a $55.00 target price (up from $50.00) on shares of Varonis Systems in a report on Wednesday, March 13th. Finally, Piper Sandler lifted their price target on Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Seven research 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, the company presently has a consensus rating of Moderate Buy and an average target price of $48.81.

Varonis Systems Trading Up 1.9 %

VRNS stock traded up $0.82 during trading on Monday, reaching $44.59. The company had a trading volume of 2,097,969 shares, compared to its average volume of 1,171,959. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50. Varonis Systems has a 52 week low of $22.87 and a 52 week high of $52.88. The business has a 50 day moving average of $47.08 and a 200 day moving average of $44.15. The company has a market cap of $4.98 billion, a P/E 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 the consensus estimate 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 firm had revenue of $154.10 million during the quarter, compared to analyst estimates of $151.64 million. As a group, sell-side analysts forecast that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Varonis Systems news, EVP David Bass sold 116,325 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the completion of the transaction, the executive vice president now 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 accessible through this link. In other Varonis Systems 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 value of $5,853,474.00. Following the sale, the executive vice president now owns 650,972 shares in the company, valued at $32,756,911.04. 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 Varonis Systems stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 645,876 shares of the company’s stock, valued at $32,216,294.88. The disclosure for this sale can be found here. Insiders have sold a total of 372,419 shares of company stock valued at $18,571,413 over the last ninety days. Company 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.