Jefferies analyst, John DiFucci, reiterated his Buy rating on shares of Varonis Systems (NASDAQ: VRNS) and cut his price target to $73 from $81 after the company announced an accouting change to a subscription model. While the announcement alone is a substantial shock, management
didn’t help the cause by not disclosing more specific quantitative effects on 4Q results and guidance but the analyst believes the 23% drop in the aftermarket is worse that the results warrant.

The analyst stated "we calculate that 4Q results and guidance would have been better than expected had the mix remained the same as in the comparable period. This analysis may not help the stock much today, but it should over the long haul". "We estimate the equivalent 4Q18 license revenue to be $57.8M vs the Street’s $55.1M".

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 $48.21 yesterday.