Varonis Systems (NASDAQ:VRNS) Updates Q2 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) updated its second quarter earnings guidance on Monday. 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.

Varonis Systems Stock Performance

NASDAQ:VRNS traded down $0.51 during trading hours on Thursday, hitting $45.13. 236,543 shares of the company were exchanged, compared to its average volume of 1,181,226. 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 company’s 50 day moving average price is $46.75 and its 200-day moving average price is $44.33. Varonis Systems has a 52-week low of $23.09 and a 52-week high of $52.88. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of -48.55 and a beta of 0.84.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Stephens reissued an overweight rating and set a $55.00 price target on shares of Varonis Systems in a research report on Tuesday, February 6th. DA Davidson reissued a neutral rating and issued a $45.00 price target (up from $37.00) on shares of Varonis Systems in a research report on Thursday, January 18th. Wells Fargo & Company lifted their price target on Varonis Systems from $42.00 to $45.00 and gave the stock an equal weight rating in a research report on Tuesday, February 6th. Truist Financial restated a buy rating and issued a $55.00 price objective (up from $50.00) on shares of Varonis Systems in a research note on Wednesday, March 13th. Finally, JMP Securities reiterated a market outperform rating and set a $63.00 target price on shares of Varonis Systems in a research note on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $49.06.

Insider Transactions at Varonis Systems

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