Varonis Systems (VRNS) PT Raised to $110 at Needham After Upbeat Management Call

Needham & Company analyst Alex Henderson raised the price target on Varonis Systems (NASDAQ: VRNS) to $110.00 (from $85.00) after hosting an upbeat call with management discussing the company's ability to execute remotely, upsell while removing as much friction as possible from marketing and services.

The analyst reiterated a Buy rating stating "Roughly 21% of customers have bought 6 or more packages from Varonis. COVID is pushing customers to add as many as 10-11 subscriptions in the DatAlert and DatAdvantage families, including solutions for Active Directory, SharePoint, Exchange. Varonis has also seen strong interest in its Edge product and the Classification Engine". He went on to state "Conservative guidance baked in longer sell cycles and smaller deal sizes with more scrutiny, but field conditions are much more robust. Substantially higher uptake of subscriptions, a more robust pipeline, and no change in selling cycle time highlight a much more upbeat environment than the conservative guidance offered up by management in their conservative 2Q guidance".

You May Also Be Interested In

• Boston Scientific (BSX) PT Raised to $83 at Stifel
• Var Energi (VAR:NO) PT Raised to NOK36 at Goldman Sachs
• Ping An Insurance (2318:HK) (PNGAY) PT Lowered to HK$42 at HSBC