Jefferies Raises Price Target on Varonis Systems (VRNS) to $36 Following 3Q Beat

November 4, 2016 10:34 AM EDT
Get Alerts VRNS Hot Sheet
Price: $29.10 --0%

Rating Summary:
    7 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 6
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Jefferies reiterated a Buy rating on Varonis Systems (NASDAQ: VRNS), and raised the price target to $36.00 (from $34.00), following the company's 3Q earnings report. Non-GAAP EPS of ($0.03) on total revenue of $40.9M and compared favorably with consensus of ($0.11), and $38.6M.

Analyst John DiFucci commented, "VRNS reported another impressive Q, exceeding estimates across all metrics. Q4 guidance was above expectations. 34% license growth was relatively consistent with 36% in the prior 2 periods, a marked acceleration from the 22% in 2015 and back to 2014 trends, though with positive FCF today. We continue to view VRNS as a unique asset addressing tremendous needs across IT, including security associated with internal threats."

For an analyst ratings summary and ratings history on Varonis Systems click here. For more ratings news on Varonis Systems click here.

Shares of Varonis Systems closed at $28.85 yesterday.

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