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

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on VRNS. Robert W. Baird raised their price objective on shares of Varonis Systems from $48.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday. JPMorgan Chase & Co. upped 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. Wells Fargo & Company boosted their target price on shares of Varonis Systems from $42.00 to $45.00 and gave the company an equal weight rating in a research note on Tuesday, February 6th. Royal Bank of Canada raised their price target on shares of Varonis Systems from $56.00 to $58.00 and gave the stock an outperform rating in a research note on Tuesday. Finally, Piper Sandler boosted their price objective on shares of Varonis Systems from $40.00 to $45.00 and gave the company a neutral rating in a research report on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Varonis Systems has an average rating of Moderate Buy and a consensus price target of $49.06.

Varonis Systems Stock Performance

VRNS traded up $0.53 during trading hours on Wednesday, hitting $45.53. 623,616 shares of the stock were exchanged, compared to its average volume of 1,182,027. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -48.91 and a beta of 0.84. The stock has a 50-day simple moving average of $46.85 and a 200-day simple moving average of $44.32. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.50 and a quick ratio of 2.50. Varonis Systems has a 12 month low of $23.09 and a 12 month high of $52.88.

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

Insider Activity

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 transaction of $260,650.00. Following the completion of the transaction, the director now directly owns 75,682 shares in the company, valued at approximately $3,945,302.66. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Ofer Segev sold 5,000 shares of the 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 owns 75,682 shares of the company’s stock, valued at $3,945,302.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Dov Gottlieb sold 43,091 shares of Varonis Systems stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $48.02, for a total transaction of $2,069,229.82. Following the sale, the vice president now owns 227,654 shares in the company, valued at $10,931,945.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 372,419 shares of company stock valued at $18,571,413. 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.