Varonis Systems (NASDAQ:VRNS) Updates Q3 2022 Earnings Guidance

Varonis Systems (NASDAQ:VRNSGet Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.05-$0.06 for the period, compared to the consensus earnings per share estimate of $0.06. The company issued revenue guidance of $123.00 million-$125.50 million, compared to the consensus revenue estimate of $124.32 million. Varonis Systems also updated its FY 2022 guidance to $0.19-$0.22 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VRNS. Craig Hallum reduced their price target on shares of Varonis Systems from $64.00 to $35.00 and set a buy rating on the stock in a research report on Tuesday. Barclays cut their target price on shares of Varonis Systems from $36.00 to $32.00 and set an equal weight rating for the company in a research note on Tuesday. Royal Bank of Canada lowered their target price on shares of Varonis Systems from $55.00 to $35.00 and set an outperform rating for the company in a report on Monday. Piper Sandler decreased their price objective on shares of Varonis Systems from $45.00 to $37.00 and set an overweight rating for the company in a report on Tuesday. Finally, Wolfe Research downgraded shares of Varonis Systems from an outperform rating to a peer perform rating in a research report on Monday, July 25th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Varonis Systems currently has a consensus rating of Moderate Buy and an average price target of $45.25.

Varonis Systems Trading Down 0.9 %

Shares of NASDAQ VRNS traded down $0.28 during midday trading on Friday, hitting $29.96. The stock had a trading volume of 887,914 shares, compared to its average volume of 1,237,743. The company’s 50-day simple moving average is $30.28 and its 200 day simple moving average is $36.92. The firm has a market cap of $3.28 billion, a P/E ratio of -24.36 and a beta of 1.17. Varonis Systems has a fifty-two week low of $24.58 and a fifty-two week high of $73.46. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.34 and a quick ratio of 4.61.

Varonis Systems (NASDAQ:VRNSGet Rating) last issued its quarterly earnings results on Monday, May 2nd. The technology company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.10). Varonis Systems had a negative net margin of 30.67% and a negative return on equity of 22.15%. The firm had revenue of $96.26 million during the quarter, compared to the consensus estimate of $96.00 million. During the same quarter last year, the firm earned ($0.34) earnings per share. Research analysts anticipate that Varonis Systems will post -0.9 EPS for the current year.

Insider Activity

In related news, VP Dov Gottlieb sold 8,907 shares of the firm’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $33.07, for a total transaction of $294,554.49. Following the completion of the transaction, the vice president now directly owns 161,722 shares of the company’s stock, valued at approximately $5,348,146.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Dov Gottlieb sold 8,907 shares of Varonis Systems stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $33.07, for a total value of $294,554.49. Following the sale, the vice president now owns 161,722 shares of the company’s stock, valued at approximately $5,348,146.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Avrohom J. Kess purchased 2,400 shares of Varonis Systems stock in a transaction dated Monday, May 9th. The shares were purchased at an average price of $29.95 per share, with a total value of $71,880.00. Following the completion of the transaction, the director now directly owns 8,810 shares in the company, valued at $263,859.50. The disclosure for this purchase can be found here. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Varonis Systems

Institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC raised its position in Varonis Systems by 11.6% in the first quarter. Clearbridge Investments LLC now owns 3,468,690 shares of the technology company’s stock worth $164,902,000 after acquiring an additional 360,921 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Varonis Systems by 21.9% during the 1st quarter. Renaissance Technologies LLC now owns 951,000 shares of the technology company’s stock worth $45,211,000 after purchasing an additional 170,700 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Varonis Systems by 47.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 329,041 shares of the technology company’s stock worth $15,642,000 after purchasing an additional 105,293 shares during the period. Weiss Multi Strategy Advisers LLC lifted its holdings in Varonis Systems by 140.4% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 120,555 shares of the technology company’s stock valued at $5,731,000 after buying an additional 70,410 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Varonis Systems by 3.0% in the 1st quarter. State Street Corp now owns 2,296,041 shares of the technology company’s stock valued at $109,154,000 after purchasing an additional 67,696 shares in the last quarter. Hedge funds and other institutional investors own 93.20% of the company’s stock.

Varonis Systems Company Profile

(Get Rating)

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; strategic and product plans; and other intellectual property.

Further Reading

Earnings History and Estimates for Varonis Systems (NASDAQ:VRNS)

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