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

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

Varonis Systems Stock Up 1.9 %

Shares of VRNS opened at $44.59 on Tuesday. The company has a 50-day simple moving average of $46.97 and a 200-day simple moving average of $44.23. The firm has a market capitalization of $4.98 billion, a P/E ratio of -48.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.50 and a current ratio of 2.50. 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 business had revenue of $154.10 million during the quarter, compared to analyst estimates of $151.64 million. On average, equities research analysts expect that Varonis Systems will post -0.96 earnings per share for the current year.

Wall Street Analyst Weigh In

VRNS has been the subject of several recent research reports. Citigroup increased their price target on shares of Varonis Systems from $35.00 to $45.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Truist Financial reaffirmed a buy rating and set a $55.00 price objective (up from $50.00) on shares of Varonis Systems in a research note on Wednesday, March 13th. 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. JPMorgan Chase & Co. upped their price objective on shares of Varonis Systems from $49.00 to $50.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Finally, Stephens reissued an overweight rating and set a $55.00 price target on shares of Varonis Systems in a research note on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $48.81.

Insider Buying and Selling

In related news, Director Ofer Segev sold 5,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 75,682 shares in the company, valued at $3,945,302.66. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Gili Iohan sold 19,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $50.54, for a total value of $985,530.00. Following the completion of the transaction, the director now owns 19,263 shares of the company’s stock, valued at $973,552.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ofer Segev sold 5,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 75,682 shares of the company’s stock, valued at approximately $3,945,302.66. 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 over the last ninety days. 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.