In a report released today, Shaul Eyal from Oppenheimer reiterated a Buy rating on Varonis Systems (NASDAQ: VRNS), with a price target of $80. The company’s shares closed yesterday at $60.62.
Eyal said:
“Quickly bouncing back from 2Q’s regional (West Coast) execution challenges, VRNS delivered healthy 3Q18 results exceeding consensus’ estimates of revenue, billings, and EPS and raising FY18 revenue/EPS guidance. The quarter’s solid performance was driven by strong up-sell momentum (39% of customers purchased 3+ products, up from 34% one year ago) and continued operational discipline. As illustrated by the company’s strong North America performance ($44.9M, +27% YoY), we believe VRNS’ West Coast sales execution is already improving following the region’s recent leadership changes. GDPR and cloud remain noticeable drivers that we believe could accelerate in FY19. As productivity levels normalize, we are slightly raising FY20 revenue and EPS estimates. We reiterate our price target of $80 and Outperform rating.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 13.7% and a 62.6% 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 $75.30, a 24.2% upside from current levels. In a report issued on October 17, Robert W. Baird also initiated coverage with a Buy rating on the stock with a $75 price target.
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The company has a one-year high of $83.10 and a one-year low of $41.75. Currently, Varonis Systems has an average volume of 494K.
Based on the recent corporate insider activity of 52 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.
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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.
