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.

Wall Street Analysts Forecast Growth

VRNS has been the topic of several recent research reports. Wedbush raised shares of Varonis Systems from a neutral rating to an outperform rating and boosted their price target for the company from $35.00 to $65.00 in a research report on Tuesday, February 6th. Stephens reiterated an overweight rating and issued a $55.00 price objective on shares of Varonis Systems in a report on Tuesday, February 6th. Wells Fargo & Company increased their price objective on Varonis Systems from $42.00 to $45.00 and gave the stock an equal weight rating in a research report on Tuesday, February 6th. JMP Securities restated a market outperform rating and issued a $63.00 target price on shares of Varonis Systems in a research report on Monday, February 5th. Finally, Citigroup increased their price target on Varonis Systems from $35.00 to $45.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Varonis Systems has a consensus rating of Moderate Buy and a consensus target price of $49.06.

Varonis Systems Stock Performance

NASDAQ:VRNS traded up $0.64 during midday trading on Wednesday, reaching $45.64. The stock had a trading volume of 1,489,563 shares, compared to its average volume of 1,192,144. Varonis Systems has a 12-month low of $23.09 and a 12-month high of $52.88. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $46.75 and a two-hundred day simple moving average of $44.33. The stock has a market cap of $5.09 billion, a P/E ratio of -49.61 and a beta of 0.84.

Varonis Systems (NASDAQ:VRNS) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. The business had revenue of $154.10 million for 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, equities analysts expect that Varonis Systems will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Varonis Systems news, CFO Guy Melamed sold 188,503 shares of Varonis Systems stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.88, for a total value of $9,402,529.64. Following the completion of the sale, the chief financial officer now directly owns 645,876 shares of the company’s stock, valued at approximately $32,216,294.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Guy Melamed sold 188,503 shares of Varonis Systems stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $49.88, for a total value of $9,402,529.64. Following the transaction, the chief financial officer now owns 645,876 shares in the company, valued at $32,216,294.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ofer Segev sold 5,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 75,682 shares of the company’s stock, valued at $3,945,302.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 372,419 shares of company stock worth $18,571,413. 2.60% of the stock is owned by corporate 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.