Varonis Systems (NASDAQ:VRNS) Issues Q3 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.070-0.080 for the period, compared to the consensus earnings per share estimate of 0.030. The company issued revenue guidance of $140.0 million-$143.0 million, compared to the consensus revenue estimate of $135.6 million. Varonis Systems also updated its FY 2024 guidance to 0.220-0.240 EPS.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Baird R W raised Varonis Systems from a hold rating to a strong-buy rating in a research report on Tuesday. TD Cowen lifted their price objective on Varonis Systems from $54.00 to $65.00 and gave the stock a buy rating in a research report on Tuesday. Piper Sandler lifted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a research report on Tuesday. Royal Bank of Canada lifted their price objective on Varonis Systems from $58.00 to $65.00 and gave the stock an outperform rating in a research report on Tuesday. Finally, Robert W. Baird raised Varonis Systems from a neutral rating to an outperform rating and lifted their price objective for the stock from $52.00 to $60.00 in a research report on Tuesday. Six 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. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $55.00.

Varonis Systems Stock Performance

VRNS traded down $1.96 on Thursday, reaching $53.17. 2,217,775 shares of the stock were exchanged, compared to its average volume of 1,300,629. The company’s 50-day moving average price is $46.09 and its 200 day moving average price is $46.51. Varonis Systems has a fifty-two week low of $29.10 and a fifty-two week high of $57.00. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market capitalization of $5.93 billion, a PE ratio of -56.56 and a beta of 0.83.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, July 29th. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $130.35 million during the quarter, compared to analysts’ expectations of $124.83 million. Varonis Systems had a negative return on equity of 18.28% and a negative net margin of 16.97%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. As a group, sell-side analysts forecast that Varonis Systems will post -0.97 EPS for the current fiscal year.

Insider Activity

In related news, CEO Yakov Faitelson sold 284,211 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $45.23, for a total transaction 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 $65,715,662.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.60% of the company’s stock.

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.