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

Varonis Systems (NASDAQ:VRNS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.260-0.270 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

Several equities analysts have commented on VRNS shares. Baird R W raised shares of Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 30th. Royal Bank of Canada increased their price target on Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. TD Cowen boosted their price objective on Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Susquehanna upped their price objective on Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a research note on Tuesday, July 30th. Finally, UBS Group lifted their target price on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Varonis Systems Stock Performance

VRNS traded up $1.40 on Tuesday, hitting $58.78. The company’s stock had a trading volume of 2,761,376 shares, compared to its average volume of 1,302,888. Varonis Systems has a 12 month low of $31.03 and a 12 month high of $60.58. The firm has a market cap of $6.55 billion, a P/E ratio of -62.20 and a beta of 0.82. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.55. The company’s 50 day simple moving average is $56.14 and its 200-day simple moving average is $49.87.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company earned ($0.35) earnings per share. Analysts forecast that Varonis Systems will post -0.83 EPS for the current year.

Insider Buying and Selling

In other Varonis Systems news, Vice Chairman James O’boyle sold 50,000 shares of Varonis Systems stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $59.76, for a total transaction of $2,988,000.00. Following the completion of the transaction, the insider now owns 444,114 shares of the company’s stock, valued at $26,540,252.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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.