Varonis Systems (VRNS) PT Raised to $62 at Baird

Baird analyst Shrenik Kothari raised the price target on Varonis Systems (NASDAQ: VRNS) to $62.00 (from $60.00) while maintaining a Outperform rating.

The analyst comments "Facing easy ARR/top-line comps in Q3, VRNS appears well-positioned heading into the print, supported by solid checks pointing to SaaS momentum and a strong conversion pipeline going into 4Q/FY25. Our estimates are slightly above consensus with ARR/Rev at $607M (+17.3% y/y)/$142M (+16.0% y/y). Despite the reasonably attractive setup, sentiment has sharply improved alongside checks, with the stock outperforming IGV by ~16 ppts over last-three-months, though it has moderated slightly recently. Trading at ~10x EV/CY25E sales, we see VRNS well- positioned for the mid-to-long term, but near-term risk/reward appears more balanced tactically."

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