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

Varonis Systems (NASDAQ:VRNS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.220-0.240 for the period, compared to the consensus EPS estimate of 0.170. The company issued revenue guidance of $544.0 million-$552.0 million, compared to the consensus revenue estimate of $542.2 million. Varonis Systems also updated its FY24 guidance to $0.22-0.24 EPS.

Varonis Systems Stock Up 0.8 %

Shares of NASDAQ VRNS traded up $0.42 during trading on Wednesday, hitting $56.01. 861,370 shares of the company traded hands, compared to its average volume of 1,284,420. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of -59.14 and a beta of 0.83. The business’s fifty day moving average is $45.71 and its 200 day moving average is $46.40. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.38 and a current ratio of 2.38. Varonis Systems has a fifty-two week low of $28.15 and a fifty-two week high of $57.00.

Varonis Systems (NASDAQ:VRNS) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.28% and a negative net margin of 16.97%. The business had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same period in the prior year, the business earned ($0.35) EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts predict that Varonis Systems will post -0.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on VRNS. Royal Bank of Canada increased their price objective on shares of Varonis Systems from $58.00 to $65.00 and gave the company an outperform rating in a research note on Tuesday. Baird R W raised Varonis Systems from a hold rating to a strong-buy rating in a research report on Tuesday. Truist Financial reissued a buy rating and issued a $60.00 price objective (up previously from $55.00) on shares of Varonis Systems in a research report on Tuesday. Susquehanna raised their target price on Varonis Systems from $55.00 to $65.00 and gave the company a positive rating in a research report on Tuesday. Finally, Piper Sandler boosted their price target on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Varonis Systems has an average rating of Moderate Buy and an average target price of $55.00.

Insider Buying and Selling

In related news, CEO Yakov Faitelson sold 284,211 shares of Varonis Systems stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is currently 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.