Varonis Systems (NASDAQ:VRNS) Releases FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $0.22-0.24 for the period, compared to the consensus earnings per share 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. 2,145,453 shares of the company were exchanged, compared to its average volume of 1,234,447. The firm has a market cap of $5.41 billion, a P/E ratio of -51.56 and a beta of 0.82. The firm’s 50 day simple moving average is $45.38 and its 200 day simple moving average is $46.33. Varonis Systems has a 1-year low of $28.15 and a 1-year high of $52.88. 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 (NASDAQ:VRNS) last released its quarterly earnings data on Monday, May 6th. The technology company reported ($0.37) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.37). Varonis Systems had a negative return on equity of 21.33% and a negative net margin of 20.38%. The firm had revenue of $114.02 million for the quarter, compared to analyst estimates of $113.81 million. On average, sell-side analysts predict that Varonis Systems will post -0.97 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

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

Varonis Systems Company Profile

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.