Varonis Systems (NASDAQ:VRNS) Updates FY 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.220-0.240 for the period, compared to the consensus earnings per share estimate of 0.170. The company issued revenue guidance of $544.0 million-$552.0 million, compared to the consensus revenue estimate of $542.2 million. Varonis Systems also updated its FY24 guidance to $0.22-0.24 EPS.

Varonis Systems Stock Down 3.6 %

Shares of Varonis Systems stock traded down $1.96 on Thursday, reaching $53.17. The company’s stock had a trading volume of 2,217,775 shares, compared to its average volume of 1,300,629. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.55. Varonis Systems has a 52 week low of $29.10 and a 52 week high of $57.00. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -56.56 and a beta of 0.83. The firm’s fifty day simple moving average is $46.09 and its two-hundred day simple moving average is $46.51.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on Varonis Systems from $45.00 to $48.00 and gave the company an equal weight rating in a research report on Tuesday. TD Cowen lifted their target price on Varonis Systems from $54.00 to $65.00 and gave the company a buy rating in a research report on Tuesday. Susquehanna lifted their target price on Varonis Systems from $55.00 to $65.00 and gave the company a positive rating in a research report on Tuesday. Baird R W upgraded Varonis Systems from a hold rating to a strong-buy rating in a research report on Tuesday. Finally, Needham & Company LLC reiterated a hold rating on shares of Varonis Systems in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $55.00.

Insider Transactions at Varonis Systems

In other news, CEO Yakov Faitelson sold 284,211 shares of Varonis Systems stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $45.23, for a total value of $12,854,863.53. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.