Brian Colley, an analyst from Stephens, assigned the Buy rating on Varonis Systems (VRNS – Research Report). The associated price target is $55.00.
Brian Colley’s Buy rating on Varonis Systems is supported by a combination of strong financial performance and favorable future outlook. In his analysis, Colley highlights that Varonis Systems posted fourth-quarter results for the fiscal year 2023 that surpassed consensus expectations in multiple key areas, including Annual Recurring Revenue (ARR), Free Cash Flow (FCF), and Earnings Before Interest and Taxes (EBIT). The growth in ARR was particularly notable, demonstrating a significant year-over-year increase and beating consensus forecasts, which is indicative of the company’s strong market position and effective sales execution.
Furthermore, Varonis’s forward-looking guidance for the calendar year 2024 ARR and FCF also exceeded consensus estimates, suggesting continued financial growth and operational efficiency. Despite the lower-than-expected guidance for the first quarter of 2024, the analyst maintains an Overweight (OW) stance due to the overall positive trajectory of the company’s financials. Colley’s confidence in the stock is bolstered by the company’s solid performance and the expectation that Varonis will maintain its leadership in the data security and analytics space, which translates into a Buy rating for the stock.
In another report released today, Craig-Hallum also assigned a Buy rating to the stock with a $37.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Varonis Systems (VRNS) Company Description:
Varonis Systems, Inc. engages in providing data security and analytics. It operates through the following segments: United States, EMEA, and Rest of the World. Its products includes datadvantage, data classification engine, data transport engine, Varonis edge, datanswers, datalert, dataprivilege, automation engine, and GDPR patterns. The company was founded by Yaki Faitelson and Ohad Korkus on November 3, 2004 and is headquartered in New York, NY.
Read More on VRNS:
- Varonis Announces Fourth Quarter and Full-Year 2023 Financial Results
- Varonis Introduces MDDR: Industry’s First Managed Data Detection and Response Offering
- VRNS Earnings this Week: How Will it Perform?
- Varonis announces universal data classification support for databases
- Varonis Announces Universal Data Classification Support for Databases
