Varonis Systems (NASDAQ:VRNS) Updates Q2 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $(0.03)-(0.02) for the period, compared to the consensus earnings per share 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 up $0.82 during mid-day trading on Monday, hitting $44.59. The stock had a trading volume of 2,091,894 shares, compared to its average volume of 1,171,791. The company has a 50 day simple moving average of $47.08 and a 200-day simple moving average of $44.15. 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 price-to-earnings ratio of -47.78 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 (NASDAQ:VRNS) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. The company had revenue of $154.10 million during the quarter, compared to analysts’ expectations of $151.64 million. Varonis Systems had a negative return on equity of 20.04% and a negative net margin of 20.22%. On average, research analysts expect that Varonis Systems will post -0.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VRNS. Robert W. Baird boosted their price objective on Varonis Systems from $45.00 to $48.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. JPMorgan Chase & Co. increased their price objective on Varonis Systems from $49.00 to $50.00 and gave the company a neutral rating in a research report on Tuesday, February 6th. Citigroup boosted their target price on Varonis Systems from $35.00 to $45.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Wedbush raised Varonis Systems from a neutral rating to an outperform rating and lifted their price target for the stock from $35.00 to $65.00 in a research note on Tuesday, February 6th. Finally, DA Davidson reaffirmed a neutral rating and set a $45.00 price objective (up from $37.00) on shares of Varonis Systems in a research note on Thursday, January 18th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $48.81.

Insider Buying and Selling at Varonis Systems

In other news, Director Gili Iohan sold 19,500 shares of the 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 completion of the sale, the director now directly owns 19,263 shares of the company’s stock, valued at $973,552.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ofer Segev sold 5,000 shares of the company’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gili Iohan sold 19,500 shares of Varonis Systems stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $50.54, for a total transaction of $985,530.00. Following the sale, the director now owns 19,263 shares in the company, valued at approximately $973,552.02. The disclosure for this sale can be found here. Insiders have sold 372,419 shares of company stock valued at $18,571,413 in the last 90 days. 2.60% of the stock is currently owned by 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.