These Analysts Raise Their Forecasts On Varonis Systems Following Upbeat Results

Varonis Systems VRNS reported better-than-expected second-quarter financial results and raised its FY24 guidance on Monday.

Varonis Systems reported quarterly earnings of 5 cents per share which beat the analyst consensus estimate for a loss of 2 cents per share. The company reported quarterly sales of $130.346 million which beat the analyst consensus estimate of $124.842 million, according to data from Benzinga Pro.

Varonis raised its FY24 revenue guidance from $536 million – $546 million to $544 million – $552 million. The company boosted adjusted earnings outlook from 13 cents-16 cents per share to 22 cents-24 cents per share.

Varonis Systems shares gained 0.1% to close at $48.49 on Monday.

These analysts made changes to their price targets on Varonis Systems following the announcement.

• Baird analyst Shrenik Kothari upgraded Varonis from Neutral to Outperform and raised the price target from $52 to $60.
• Piper Sandler analyst Rob Owens maintained the stock with a Neutral and raised the price target from $45 to $48.
• Susquehanna analyst Shyam Patil maintained Varonis with a Positive rating, while raising the price target from $55 to $65.
• Barclays analyst Saket Kalia maintained Varonis with an Overweight and boosted the price target from $55 to $60.
• Truist Securities analyst Joel Fishbein reiterated Varonis with a Buy and raised the price target from $55 to $60.
• Wells Fargo analyst Andrew Nowinski maintained the stock with an Equal-Weight and increased the price target from $45 to $48.

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