Varonis Systems (NASDAQ:VRNS) Issues Q2 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of -0.030–0.020 for the period, compared to the consensus EPS estimate of -0.010. The company issued revenue guidance of $123.0 million-$126.0 million, compared to the consensus revenue estimate of $125.5 million. Varonis Systems also updated its FY24 guidance to $0.13-0.16 EPS.

Varonis Systems Price Performance

VRNS opened at $44.59 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.50 and a current ratio of 2.50. Varonis Systems has a 52-week low of $22.87 and a 52-week high of $52.88. The stock has a market capitalization of $4.98 billion, a PE ratio of -48.47 and a beta of 0.84. 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 issued 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. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. The company had revenue of $154.10 million for the quarter, compared to analysts’ expectations of $151.64 million. On average, equities research analysts predict that Varonis Systems will post -0.96 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VRNS. JMP Securities reiterated a market outperform rating and set a $63.00 target price on shares of Varonis Systems in a research report on Monday, February 5th. Royal Bank of Canada reissued an outperform rating and set a $56.00 price target on shares of Varonis Systems in a research note on Friday, March 15th. Wedbush upgraded Varonis Systems from a neutral rating to an outperform rating and raised their price objective for the stock from $35.00 to $65.00 in a report on Tuesday, February 6th. DA Davidson reiterated a neutral rating and issued a $45.00 price target (up from $37.00) on shares of Varonis Systems in a report on Thursday, January 18th. Finally, Truist Financial reiterated a buy rating and issued a $55.00 price target (up from $50.00) on shares of Varonis Systems in a report on Wednesday, March 13th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $48.81.

Insider Activity

In other Varonis Systems news, Director Ofer Segev sold 5,000 shares of Varonis Systems stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $52.13, for a total value of $260,650.00. Following the completion of the transaction, the director now directly owns 75,682 shares in the company, valued at $3,945,302.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, 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 transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ofer Segev sold 5,000 shares of Varonis Systems stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $52.13, for a total value of $260,650.00. Following the sale, the director now directly owns 75,682 shares in the company, valued at approximately $3,945,302.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 372,419 shares of company stock worth $18,571,413. 2.60% of the stock is currently owned by corporate 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.