Varonis Systems (NASDAQ:VRNS) Issues FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.22-0.24 for the period, compared to the consensus estimate of $0.16. The company issued revenue guidance of $544-552 million, compared to the consensus revenue estimate of $541.98 million. Varonis Systems also updated its Q3 guidance to $0.07-0.08 EPS.

Varonis Systems Stock Up 0.0 %

VRNS stock traded up $0.02 during mid-day trading on Monday, hitting $48.49. The stock had a trading volume of 2,168,728 shares, compared to its average volume of 1,236,777. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of -51.56 and a beta of 0.82. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55. Varonis Systems has a 1-year low of $28.15 and a 1-year high of $52.88. The company has a fifty day moving average of $45.38 and a 200 day moving average of $46.33.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, May 6th. The technology company reported ($0.37) EPS for the quarter, hitting analysts’ consensus estimates of ($0.37). The firm had revenue of $114.02 million for the quarter, compared to the consensus estimate of $113.81 million. Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. On average, equities analysts expect that Varonis Systems will post -0.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Varonis Systems from $50.00 to $52.00 and gave the stock a neutral rating in a report on Friday. Barclays increased their price objective on Varonis Systems from $53.00 to $55.00 and gave the company an overweight rating in a report on Thursday, July 11th. Royal Bank of Canada upped their target price on Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a research report on Tuesday, May 7th. Needham & Company LLC reiterated a hold rating on shares of Varonis Systems in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. upgraded shares of Varonis Systems from a neutral rating to an overweight rating and boosted their price objective for the stock from $50.00 to $54.00 in a research note on Friday, June 14th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $50.56.

Insider Activity

In other Varonis Systems news, CEO Yakov Faitelson sold 284,211 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the sale, the chief executive officer now owns 1,452,922 shares in the company, valued at approximately $65,715,662.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by company 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.