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

Varonis Systems (NASDAQ:VRNS) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of -0.030–0.020 for the period, compared to the consensus earnings per share 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

NASDAQ VRNS opened at $44.59 on Tuesday. The firm’s fifty day simple moving average is $46.97 and its two-hundred day simple moving average is $44.23. The firm has a market capitalization of $4.98 billion, a P/E ratio of -48.47 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 12-month low of $22.87 and a 12-month high of $52.88.

Varonis Systems (NASDAQ:VRNS) last announced its earnings results on Monday, February 5th. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. The company had revenue of $154.10 million for the quarter, compared to analyst estimates of $151.64 million. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. Analysts forecast that Varonis Systems will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on VRNS. Citigroup boosted their target price on shares of Varonis Systems from $35.00 to $45.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. 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 report on Thursday, January 18th. Piper Sandler increased their price target 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. Wedbush upgraded shares of Varonis Systems from a neutral rating to an outperform rating and lifted their price objective for the company from $35.00 to $65.00 in a research note on Tuesday, February 6th. Finally, Robert W. Baird increased their price objective on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $48.81.

Insider Transactions at Varonis Systems

In other news, Director Gili Iohan sold 19,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total value of $985,530.00. Following the transaction, the director now owns 19,263 shares in the company, valued at $973,552.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Varonis Systems news, EVP David Bass sold 116,325 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were 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 directly owns 650,972 shares of the company’s stock, valued at approximately $32,756,911.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gili Iohan sold 19,500 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total value of $985,530.00. Following the transaction, the director now owns 19,263 shares in the company, valued at $973,552.02. The disclosure for this sale can be found here. Insiders sold 372,419 shares of company stock valued at $18,571,413 over the last 90 days. 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.