Imperial Capital Raises Price Target on Varonis Systems (VRNS) to $35 Following Strong 2Q
- Apple (AAPL) Tops Q4 EPS by 2c; Issues Solid Outlook
- Wall Street slips on earnings; Apple falls late after results
- Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
- Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short
- After-Hours Movers 10/25: (OGXI) (AKAM) (VRTX) Higher; (EW) (NUVA) (CMG) (AAPL) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Following 1Q Beat
- T-Mobile (TMUS) Potential Capacity Crunch May Slow Momentum vs. Sprint (S) - FBR
- FBR Capital Cuts Price Target on Carrizo Oil & Gas (CRZO) Following Announced Eagle Ford Shale Acquisition
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!