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 (EPS) guidance of 0.260-0.270 for the period, compared to the consensus 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 Trading Down 10.7 %

Shares of VRNS stock traded down $6.30 on Wednesday, reaching $52.48. 5,712,554 shares of the stock were exchanged, compared to its average volume of 1,323,892. Varonis Systems has a 1-year low of $31.56 and a 1-year high of $60.58. The stock has a market cap of $5.85 billion, a P/E ratio of -56.02 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 firm has a 50 day moving average of $56.19 and a two-hundred day moving average of $49.97.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The company had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same period last year, the business posted ($0.35) EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, research analysts anticipate that Varonis Systems will post -0.83 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Varonis Systems from $59.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen upped their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Truist Financial reissued a “buy” rating and issued a $60.00 price objective (up from $55.00) on shares of Varonis Systems in a research report on Tuesday, July 30th. Piper Sandler boosted their price objective on Varonis Systems from $48.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Wells Fargo & Company increased their target price on Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.75.

Insiders Place Their Bets

In related 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 value of $2,988,000.00. Following the completion of the transaction, the insider now directly owns 444,114 shares in the company, valued at approximately $26,540,252.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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 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.