Needham & Company Upgrades Varonis Systems (VRNS) to Buy
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Needham & Company upgraded Varonis Systems (NASDAQ: VRNS) from to Buy with a price target of $34.00.
Analyst Scott Zeller commented, "The VRNS JuneQ results were a small beat and raise, and the performance across the franchise was balanced. We have been cautious on VRNS from the first guide-down in May 2015 when shares were at $27. Since that “re-set” in the JuneQ15 guidance, Varonis had in-line or slight beat and reiterate quarters; CY16 has seen better momentum, with the initial guide above consensus revenue for CY16 and MarQ and JuneQ have been “small beat and raise”. A key driver of our upgrade is management's observation that “emergency (security) spending happened and we didn’t benefit”. As such, we believe VRNS’s high-volume, low-ASP model continues to grind higher, and we believe estimates are set appropriately for (modest) upward revisions. Raising CY16 and CY17 modestly, we establish a $34 target, which is 4.5x EV/CY17 revenue. Upgrade to BUY."
Shares of Varonis Systems closed at $26.00 yesterday.
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