Cantor Fitzgerald Starts Varonis Systems (VRNS) at Overweight

Cantor Fitzgerald analyst Jonathan Ruykhaver initiates coverage on Varonis Systems (NASDAQ: VRNS) with a Overweight rating and a price target of $60.00.

The analyst comments "Investment Thesis: We believe data security is finally becoming a top investment priority driven by several emerging trends, including adoption of AI/ML workloads, growth in data, the ease with which bad actors increasingly evade perimeter tools and move laterally to gain access to sensitive data, hybrid cloud and advancements to the technology that facilitate ease of use. Recent partner feedback on Varonis highlights GenAI as the predominant use case in nearly all conversations, which we believe begins to impact ARR materially in FY25. Near-term, we see MDDR (Managed Data Detection & Response), perpetual conversions to SaaS and new logo growth as continued drivers to ARR upside. Longer-term, strong execution, a growing TAM, and strong competitive positioning, we believe, position VRNS as a multi-year high teens to low 20% compounder. We are initiating coverage with an Overweight rating and a 12-month price target of $60 based on 11.8x FY25E revenue."

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 $44.31 yesterday.

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