Varonis Systems (NASDAQ:VRNS) Updates Q2 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $(0.03)-(0.02) for the period, compared to the consensus EPS estimate of ($0.01). The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $125.35 million. Varonis Systems also updated its FY24 guidance to $0.13-0.16 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. DA Davidson reaffirmed a neutral rating and set a $45.00 target price (up previously from $37.00) on shares of Varonis Systems in a research note on Thursday, January 18th. Royal Bank of Canada increased their price target on shares of Varonis Systems from $56.00 to $58.00 and gave the company an outperform rating in a report on Tuesday. Stephens reiterated an overweight rating and set a $55.00 target price on shares of Varonis Systems in a research note on Tuesday, February 6th. Piper Sandler raised their price target on Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Finally, JMP Securities reaffirmed a market outperform rating and issued a $63.00 price objective on shares of Varonis Systems in a report on Monday, February 5th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $49.06.

Varonis Systems Stock Performance

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

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. The firm had revenue of $154.10 million during the quarter, compared to the consensus estimate of $151.64 million. Sell-side analysts predict that Varonis Systems will post -0.96 EPS for the current year.

Insider Activity

In other news, CFO Guy Melamed sold 188,503 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.88, for a total transaction of $9,402,529.64. Following the sale, the chief financial officer now directly owns 645,876 shares of the company’s stock, valued at approximately $32,216,294.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP David Bass sold 116,325 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $50.32, for a total value of $5,853,474.00. Following the completion of the sale, the executive vice president now directly owns 650,972 shares in the company, valued at $32,756,911.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy Melamed sold 188,503 shares of Varonis Systems stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.88, for a total value of $9,402,529.64. Following the transaction, the chief financial officer now owns 645,876 shares in the company, valued at approximately $32,216,294.88. The disclosure for this sale can be found here. Insiders sold a total of 372,419 shares of company stock valued at $18,571,413 in the last quarter. 2.60% of the stock is currently owned by company 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.