Oppenheimer Believes Varonis Systems (VRNS) Won’t Stop Here


In a report released today, Shaul Eyal from Oppenheimer assigned a Buy rating to Varonis Systems (NASDAQ: VRNS), with a price target of $80. The company’s shares closed yesterday at $72.70, close to its 52-week high of $74.95.

Eyal said:

“We are raising our PT to $80 and are introducing FY20 estimates (revenue of $360M, +15.4% an investor meeting with VRNS’ management. Key takeaways include: (1) VRNS has barely scratched the surface of its extensive market opportunity consisting of ~40k-50k potential customers (in US & Europe combined) with 1,000-8,000 employees, (2) The recent uptick in market demand for VRNS’ solutions is being driven by customers’ view of data security shifting from a “nice to have” product to a “must have” cybersecurity and compliance necessity, (3) VRNS’ high-volume low-ASP, and land-and-expand approach are strategies incorporating sharper visibility into its revenue model, (4) We believe VRNS remains well positioned to benefit from industry tailwinds (GDPR) and a healthy security spending environment. Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 14.2% and a 65.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Proofpoint Inc.

Varonis Systems has an analyst consensus of Strong Buy, with a price target consensus of $74.25.

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The company has a one-year high of $74.95 and a one-year low of $33.60. Currently, Varonis Systems has an average volume of 286.7K.

Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VRNS in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Varonis Systems, Inc. engages in the provision of data security and analytics. It operates through the following segments: United States, EMEA, and Rest of the World. Its products includes datadvantage, data classification engine, data transport engine, Varonis edge, datanswers, datalert, dataprivilege, automation engine, and GDPR patterns. The company was founded by Yaki Faitelson and Ohad Korkus on November 3, 2004 and is headquartered in New York, NY.

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