Imperial Capital Raises Price Target on Varonis Systems (VRNS) to $35 Following Strong 2Q
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Imperial Capital reiterated an Outperform rating on Varonis Systems (NASDAQ: VRNS), and raised the price target to $35.00 (from $27.00), following the company's 2Q earnings report. VRNS reported revenues of $38.6mn and adjusted net loss per share of $0.12, compared with the Street's previous revenue estimates of 36.6mn and adjusted net loss per share estimates of $0.17.
Analyst Michael Kim commented, "We are maintaining our Outperform rating on VRNS shares and raising our one-year price target to $35 from $27 based on our higher outlook. Our price target implies potential upside of 28% above recent levels. We believe VRNS is continuing to capitalize on the escalating risks of insider threats and ransomware, and could capture greater share of information technology budgets. License revenue grew 36% year-over-year (yoy) in 2Q16, exceeding our expectations, buoyed by strong global demand and sales execution. Based on the company’s expanding pipeline and improving sales productivity, we think management provided relatively conservative guidance for 2H16. During the conference call on 8/9/16, management indicated that requests for trials and demonstrations nearly doubled during 1H16 from the prior year period, continuing the trend from 1Q16."
Shares of Varonis Systems closed at $27.32 yesterday.
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