Varonis Systems, Inc. (NASDAQ:VRNS) to Post Q2 2023 Earnings of ($0.27) Per Share, Wedbush Forecasts

Posted by Defense World Staff on May 6th, 2023

Varonis Systems, Inc. (NASDAQ:VRNS – Get Rating) – Equities research analysts at Wedbush reduced their Q2 2023 earnings per share estimates for Varonis Systems in a report issued on Tuesday, May 2nd. Wedbush analyst D. Ives now anticipates that the technology company will post earnings of ($0.27) per share for the quarter, down from their prior estimate of ($0.19). The consensus estimate for Varonis Systems’ current full-year earnings is ($0.82) per share. Wedbush also issued estimates for Varonis Systems’ Q3 2023 earnings at ($0.18) EPS, Q4 2023 earnings at ($0.12) EPS, FY2023 earnings at ($0.83) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.20) EPS, Q4 2024 earnings at ($0.08) EPS and FY2024 earnings at ($0.84) EPS.

A number of other brokerages have also weighed in on VRNS. Citigroup raised their price objective on Varonis Systems from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. JMP Securities reiterated a “market outperform” rating and set a $63.00 price target on shares of Varonis Systems in a report on Wednesday, March 15th. Needham & Company LLC cut Varonis Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 2nd. Piper Sandler upped their price target on Varonis Systems from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, February 7th. Finally, Truist Financial dropped their price target on Varonis Systems from $40.00 to $35.00 in a report on Monday, January 9th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Varonis Systems has an average rating of “Hold” and a consensus price target of $31.00.

Varonis Systems Stock Performance

NASDAQ VRNS opened at $23.03 on Friday. The business’s 50-day moving average price is $25.18 and its 200 day moving average price is $24.31. The company has a market capitalization of $2.53 billion, a PE ratio of -22.14 and a beta of 0.89. The company has a current ratio of 4.03, a quick ratio of 3.96 and a debt-to-equity ratio of 0.52. Varonis Systems has a twelve month low of $15.61 and a twelve month high of $36.99.

Varonis Systems (NASDAQ:VRNS – Get Rating) last posted its quarterly earnings data on Monday, February 6th. The technology company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. Varonis Systems had a negative return on equity of 21.70% and a negative net margin of 23.53%. The business had revenue of $142.62 million for the quarter, compared to analyst estimates of $140.58 million.

Institutional Investors Weigh In On Varonis Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in Varonis Systems in the 2nd quarter valued at $30,000. Captrust Financial Advisors boosted its stake in Varonis Systems by 35.9% during the first quarter. Captrust Financial Advisors now owns 1,385 shares of the technology company’s stock worth $66,000 after acquiring an additional 366 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Varonis Systems during the third quarter valued at approximately $68,000. Toroso Investments LLC bought a new position in Varonis Systems during the third quarter valued at approximately $83,000. Finally, Neo Ivy Capital Management bought a new position in Varonis Systems during the fourth quarter valued at approximately $84,000. Hedge funds and other institutional investors own 90.72% of the company’s stock.

About Varonis Systems

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Varonis Systems, Inc engages in protecting enterprise data such as sensitive files and emails, confidential customer, patient, and employee data, financial records, strategic and product plans, and other intellectual property. It operates through the following geographical segments: North America, EMEA, and Rest of the World.