UPDATE: Wells Fargo Starts Varonis Systems (VRNS) at Equal Weight

October 4, 2021 4:18 PM EDT
Get Alerts VRNS Hot Sheet
Price: $62.72 +0.13%

Rating Summary:
    22 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 72
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(Updated - October 4, 2021 4:26 PM EDT)

Wells Fargo analyst Andrew Nowinski initiates coverage on Varonis Systems (NASDAQ: VRNS) with a Equal Weight rating and a price target of $66.00.

The analyst comments "We are initiating coverage of Varonis with an Equal Weight rating and a $66 price target. We believe Varonis offers a best-in-class data protection platform, which has moved up the priority list due to the recent ransomware attacks. The company is seeing strong growth from both new and existing customers, with new customers purchasing double the number of licenses than they were purchasing on a perpetual model. Despite a very successful transition to subscriptions, maintenance revenue will likely continue to decline, which weighs on the overall growth rate. We also believe the current valuation is already factoring in a potential revenue growth acceleration, given the premium relative to the peer group. With ARR growth likely decelerating going forward, we believe the risk/reward ratio is relatively balanced, and therefore, initiate coverage with an Equal Weight rating."

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 $62.23 yesterday.

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