Varonis Systems (NASDAQ:VRNS) Updates Q2 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of -0.030–0.020 for the period, compared to the consensus earnings per share estimate of -0.010. The company issued revenue guidance of $123.0 million-$126.0 million, compared to the consensus revenue estimate of $125.5 million. Varonis Systems also updated its FY24 guidance to $0.13-0.16 EPS.

Varonis Systems Trading Up 1.4 %

Shares of NASDAQ:VRNS opened at $45.64 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.50 and a current ratio of 2.50. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -48.55 and a beta of 0.84. Varonis Systems has a 1-year low of $23.09 and a 1-year high of $52.88. The company has a 50 day moving average price of $46.75 and a 200 day moving average price of $44.33.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.08. The business had revenue of $154.10 million during the quarter, compared to the consensus estimate of $151.64 million. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. On average, research analysts anticipate that Varonis Systems will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VRNS. Wells Fargo & Company boosted their price target on shares of Varonis Systems from $42.00 to $45.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. Citigroup increased their target price on Varonis Systems from $35.00 to $45.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Truist Financial reissued a buy rating and set a $55.00 price target (up from $50.00) on shares of Varonis Systems in a research report on Wednesday, March 13th. Piper Sandler raised their price objective on Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Finally, Stephens reaffirmed an overweight rating and set a $55.00 target price on shares of Varonis Systems in a research note on Tuesday, February 6th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Varonis Systems presently has a consensus rating of Moderate Buy and an average target price of $49.06.

Insider Buying and Selling at Varonis Systems

In related news, Director Ofer Segev sold 5,000 shares of Varonis Systems stock in a transaction on Friday, February 9th. The shares were sold at an average price of $52.13, for a total value of $260,650.00. Following the transaction, the director now owns 75,682 shares in the company, valued at approximately $3,945,302.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Gili Iohan sold 19,500 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total transaction of $985,530.00. Following the completion of the transaction, the director now directly owns 19,263 shares in the company, valued at $973,552.02. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ofer Segev sold 5,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $52.13, for a total transaction of $260,650.00. Following the completion of the sale, the director now owns 75,682 shares in the company, valued at approximately $3,945,302.66. The disclosure for this sale can be found here. Corporate 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.