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Oppenheimer Reiterates Their Buy Rating on Varonis Systems (VRNS)


In a report released today, Shaul Eyal from Oppenheimer reiterated a Buy rating on Varonis Systems (VRNS), with a price target of $80. The company’s shares closed on Tuesday at $56.60.

Eyal wrote:

“Following investor meetings with VRNS’ CFO & VP IR key takeaways include: (1) We believe VRNS has barely scratched the surface of its extensive market opportunity consisting of ~40-50K potential customers (in US & Europe combined) with 1,000-8,000 employees and an overall TAM of $15B; (2) Competiton remains very limited as former legacy providers such as Dell’s Quest (DVMT-NYSE, $104.46, SYMC’s former Veritas’ Data Insights have changed control (disruption) and have underinvested in product innovation; (3) We positively view the partnerships with SPLK and CYBR as further testament to the high mission-critical nature of data security (“must have” rather than “nice to have”); and (4) We believe VRNS remains well positioned to benefit from industry tailwinds (GDPR) and a healthy spending environment. Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 14.1% and a 63.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Proofpoint Inc, Nice-Systems, and Mimecast Ltd.

Currently, the analyst consensus on Varonis Systems is a Moderate Buy with an average price target of $76.83.

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Based on Varonis Systems’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.32 million. In comparison, last year the company had a GAAP net loss of $3.31 million.

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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.