Varonis Systems (NASDAQ:VRNS) Updates FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $0.13-0.16 for the period, compared to the consensus earnings per share 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 VRNS stock traded up $0.64 during trading hours on Wednesday, reaching $45.64. 1,489,563 shares of the company were exchanged, compared to its average volume of 1,192,144. Varonis Systems has a fifty-two week low of $23.09 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50. The stock’s fifty day moving average is $46.75 and its two-hundred day moving average is $44.33. The company has a market cap of $5.09 billion, a price-to-earnings ratio of -49.61 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, topping the consensus estimate of ($0.06) by $0.08. The firm had revenue of $154.10 million during the quarter, compared to analysts’ expectations of $151.64 million. Varonis Systems had a negative net margin of 20.22% and a negative return on equity of 20.04%. Sell-side analysts forecast that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VRNS has been the topic of several research reports. DA Davidson reaffirmed a neutral rating and set a $45.00 price target (up previously from $37.00) on shares of Varonis Systems in a research note on Thursday, January 18th. JPMorgan Chase & Co. raised their target price on shares of Varonis Systems from $49.00 to $50.00 and gave the company a neutral rating in a research note on Tuesday, February 6th. Royal Bank of Canada boosted their price target on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a research note on Tuesday. Citigroup raised their price objective on shares of Varonis Systems from $35.00 to $45.00 and gave the company a neutral rating in a research note on Wednesday, January 10th. Finally, Piper Sandler lifted their target price on shares of Varonis Systems from $40.00 to $45.00 and gave the stock a neutral rating in a report on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Varonis Systems has an average rating of Moderate Buy and a consensus target price of $49.06.

Insiders Place Their Bets

In related news, EVP David Bass sold 116,325 shares of the stock in a transaction that occurred 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 directly owns 650,972 shares of the company’s stock, valued at approximately $32,756,911.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Dov Gottlieb sold 43,091 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $48.02, for a total value of $2,069,229.82. Following the sale, the vice president now directly owns 227,654 shares in the company, valued at $10,931,945.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David Bass sold 116,325 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 650,972 shares of the company’s stock, valued at $32,756,911.04. The disclosure for this sale can be found here. Insiders sold 372,419 shares of company stock worth $18,571,413 over the last ninety days. 2.60% of the stock is currently owned by corporate 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.