Varonis Systems (NASDAQ:VRNS) Releases FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $0.13-0.16 for the period, compared to the consensus EPS estimate of $0.12. The company issued revenue guidance of $536-546 million, compared to the consensus revenue estimate of $541.70 million. Varonis Systems also updated its Q2 guidance to $(0.03)-(0.02) EPS.

Varonis Systems Price Performance

Shares of NASDAQ:VRNS traded up $0.39 during midday trading on Tuesday, hitting $44.98. 1,228,338 shares of the stock were exchanged, compared to its average volume of 1,172,124. Varonis Systems has a twelve month low of $22.87 and a twelve month high of $52.88. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average price of $46.97 and a 200-day moving average price of $44.23. The stock has a market cap of $5.02 billion, a P/E ratio of -48.40 and a beta of 0.84.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VRNS. Piper Sandler upped their target price on Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Robert W. Baird upped their target price on shares of Varonis Systems from $48.00 to $50.00 and gave the company a neutral rating in a research note on Tuesday. Wedbush upgraded shares of Varonis Systems from a neutral rating to an outperform rating and upped their target price for the company from $35.00 to $65.00 in a research note on Tuesday, February 6th. Citigroup upped their price target on shares of Varonis Systems from $35.00 to $45.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Finally, JPMorgan Chase & Co. raised their price objective on Varonis Systems from $49.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Varonis Systems currently has an average rating of Moderate Buy and an average target price of $49.06.

Insiders Place Their Bets

In other news, VP Dov Gottlieb sold 43,091 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $48.02, for a total value of $2,069,229.82. Following the transaction, the vice president now directly owns 227,654 shares of the company’s stock, valued at $10,931,945.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP David Bass sold 116,325 shares of Varonis Systems stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $50.32, for a total transaction of $5,853,474.00. Following the completion of the sale, the executive vice president now owns 650,972 shares of the company’s stock, valued at $32,756,911.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dov Gottlieb sold 43,091 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.02, for a total transaction of $2,069,229.82. Following the transaction, the vice president now directly owns 227,654 shares in the company, valued at $10,931,945.08. The disclosure for this sale can be found here. Insiders have sold a total of 372,419 shares of company stock valued at $18,571,413 over the last 90 days. 2.60% of the stock is currently 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.