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

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

Varonis Systems Price Performance

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

Varonis Systems (NASDAQ:VRNS) last released 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 business had revenue of $130.35 million for 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%. Varonis Systems’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.35) EPS. Equities research analysts expect that Varonis Systems will post -0.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Piper Sandler upped their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Wedbush reissued an “outperform” rating and issued a $67.00 target price on shares of Varonis Systems in a research note on Monday, August 26th. Truist Financial reaffirmed a “buy” rating and set a $60.00 price target (up previously from $55.00) on shares of Varonis Systems in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.31.

Insider Activity at Varonis Systems

In related news, Vice Chairman James O’boyle sold 50,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the completion of the transaction, the insider now directly owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is 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.