Varonis Systems (NASDAQ:VRNS) Issues FY24 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.13-0.16 for the period, compared to the consensus 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

Varonis Systems stock traded up $0.82 during mid-day trading on Monday, reaching $44.59. The company had a trading volume of 2,083,342 shares, compared to its average volume of 1,171,791. The business has a fifty day simple moving average of $47.08 and a 200 day simple moving average of $44.15. The company has a market cap of $4.98 billion, a P/E ratio of -47.78 and a beta of 0.84. Varonis Systems has a fifty-two week low of $22.87 and a fifty-two week 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.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results 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 company had revenue of $154.10 million for the quarter, compared to analysts’ expectations 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, equities research analysts predict that Varonis Systems will post -0.96 earnings per share for the current year.

Analyst Ratings Changes

VRNS has been the subject of several analyst reports. Wells Fargo & Company raised their price target on shares of Varonis Systems from $42.00 to $45.00 and gave the company an equal weight rating in a research note on Tuesday, February 6th. Truist Financial reiterated a buy rating and issued a $55.00 price target (up previously 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. Royal Bank of Canada reiterated an outperform rating and issued a $56.00 target price on shares of Varonis Systems in a report on Friday, March 15th. Finally, Wedbush upgraded shares of Varonis Systems from a neutral rating to an outperform rating and raised their price target for the stock from $35.00 to $65.00 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 data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $48.81.

Insider Buying and Selling at Varonis Systems

In other Varonis Systems news, CFO Guy Melamed sold 188,503 shares of Varonis Systems stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.88, for a total value of $9,402,529.64. Following the sale, the chief financial officer now owns 645,876 shares of the company’s stock, valued at $32,216,294.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Varonis Systems news, CFO Guy Melamed sold 188,503 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 645,876 shares of the company’s stock, valued at $32,216,294.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gili Iohan sold 19,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $50.54, for a total value of $985,530.00. Following the transaction, the director now directly owns 19,263 shares in the company, valued at approximately $973,552.02. The disclosure for this sale can be found here. Insiders sold 372,419 shares of company stock worth $18,571,413 in the last quarter. 2.60% of the stock is currently owned by company 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.