Varonis Systems (NASDAQ:VRNS) Updates Q4 2024 Earnings Guidance

Varonis Systems (NASDAQ:VRNS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.130-0.140 for the period, compared to the consensus earnings per share estimate of 0.140. The company issued revenue guidance of $162.0 million-$167.0 million, compared to the consensus revenue estimate of $163.0 million. Varonis Systems also updated its FY 2024 guidance to 0.260-0.270 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VRNS. Needham & Company LLC reiterated a “hold” rating on shares of Varonis Systems in a research report on Tuesday, July 30th. UBS Group lifted their price objective on Varonis Systems from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays upped their target price on Varonis Systems from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Wells Fargo & Company raised their price target on Varonis Systems from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Baird R W upgraded shares of Varonis Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Varonis Systems has an average rating of “Moderate Buy” and an average price target of $58.31.

Varonis Systems Trading Up 2.4 %

Shares of Varonis Systems stock traded up $1.40 during trading hours on Tuesday, reaching $58.78. 2,761,376 shares of the company’s stock were exchanged, compared to its average volume of 1,302,888. Varonis Systems has a 52-week low of $31.03 and a 52-week high of $60.58. The company has a fifty day moving average of $56.14 and a 200-day moving average of $49.87. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of -62.20 and a beta of 0.82.

Varonis Systems (NASDAQ:VRNS) last released its earnings results on Monday, July 29th. The technology company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. Varonis Systems had a negative return on equity of 18.31% and a negative net margin of 16.97%. The firm had revenue of $130.35 million for the quarter, compared to the consensus estimate of $124.83 million. During the same period in the prior year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts forecast that Varonis Systems will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, Vice Chairman James O’boyle sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $59.76, for a total value of $2,988,000.00. Following the sale, the insider now directly owns 444,114 shares of the company’s stock, valued at approximately $26,540,252.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate 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.