Varonis Systems (NASDAQ:VRNS) Issues Q3 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its third quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.070-0.080 for the period, compared to the consensus EPS estimate of 0.030. The company issued revenue guidance of $140.0 million-$143.0 million, compared to the consensus revenue estimate of $135.6 million. Varonis Systems also updated its FY 2024 guidance to 0.220-0.240 EPS.

Varonis Systems Price Performance

NASDAQ VRNS traded up $0.26 on Wednesday, hitting $55.85. The company had a trading volume of 980,826 shares, compared to its average volume of 1,285,239. Varonis Systems has a 12-month low of $28.15 and a 12-month high of $57.00. The company has a market capitalization of $6.23 billion, a PE ratio of -59.14 and a beta of 0.83. The company’s fifty day moving average price is $45.71 and its 200-day moving average price is $46.40. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.38 and a quick ratio of 2.38.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.28%. The business had revenue of $130.35 million during the quarter, compared to analyst estimates of $124.83 million. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts predict that Varonis Systems will post -0.97 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on VRNS shares. Royal Bank of Canada boosted their price target on shares of Varonis Systems from $58.00 to $65.00 and gave the company an outperform rating in a research report on Tuesday. TD Cowen boosted their price target on shares of Varonis Systems from $54.00 to $65.00 and gave the stock a buy rating in a research note on Tuesday. JPMorgan Chase & Co. upgraded shares of Varonis Systems from a neutral rating to an overweight rating and boosted their price target for the stock from $50.00 to $54.00 in a research note on Friday, June 14th. Piper Sandler upped their target price on shares of Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a research note on Tuesday. Finally, Baird R W upgraded shares of Varonis Systems from a hold rating to a strong-buy rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Varonis Systems presently has an average rating of Moderate Buy and an average target price of $55.00.

Insider Buying and Selling

In related news, CEO Yakov Faitelson sold 284,211 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total transaction of $12,854,863.53. Following the completion of the sale, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at $65,715,662.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

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.