Needham & Company Upgrades Varonis Systems (VRNS) to Buy
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Upgrades PayPal (PYPL) to Buy Following 'Solid' Q3 Results
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
- PayPal (PYPL) PT Lifted to $48 at Mizuho Following Solid Q3
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Related EntitiesNeedham & Company
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!