Varonis Systems (NASDAQ:VRNS) Releases 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 (EPS) guidance of $(0.03)-(0.02) for the period, compared to the consensus 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 Trading Up 0.9 %

Shares of VRNS traded up $0.41 during midday trading on Tuesday, hitting $45.00. 1,258,553 shares of the stock were exchanged, compared to its average volume of 1,172,124. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.50 and a current ratio of 2.50. The firm has a market cap of $5.02 billion, a P/E ratio of -48.40 and a beta of 0.84. The stock has a fifty day simple moving average of $46.97 and a 200 day simple moving average of $44.23. Varonis Systems has a 52-week low of $22.87 and a 52-week high of $52.88.

Varonis Systems (NASDAQ:VRNS) last announced its quarterly earnings data on Monday, February 5th. The technology company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $154.10 million for the quarter, compared to the consensus estimate of $151.64 million. On average, research analysts anticipate that Varonis Systems will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on VRNS. Wedbush raised shares of Varonis Systems from a neutral rating to an outperform rating and lifted their target price for the company from $35.00 to $65.00 in a report on Tuesday, February 6th. Robert W. Baird upped their price target on shares of Varonis Systems from $48.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday. Citigroup raised their price target on Varonis Systems from $35.00 to $45.00 and gave the company a neutral rating in a research report on Wednesday, January 10th. DA Davidson reissued a neutral rating and issued a $45.00 price objective (up from $37.00) on shares of Varonis Systems in a research note on Thursday, January 18th. Finally, Wells Fargo & Company lifted their target price on shares of Varonis Systems from $42.00 to $45.00 and gave the stock an equal weight rating in a research report on Tuesday, February 6th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $49.06.

Insider Transactions at Varonis Systems

In other Varonis Systems news, CFO Guy Melamed sold 188,503 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.88, for a total transaction of $9,402,529.64. Following the transaction, the chief financial officer now owns 645,876 shares of the company’s stock, valued at $32,216,294.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Varonis Systems news, Director Ofer Segev sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $52.13, for a total transaction of $260,650.00. Following the completion of the sale, the director now directly owns 75,682 shares in the company, valued at $3,945,302.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Guy Melamed sold 188,503 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $49.88, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 372,419 shares of company stock worth $18,571,413 in the last three months. Company insiders own 2.60% of the company’s stock.

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.