Varonis Systems hits over two-year highs after FY24 forecast lift

Varonis Systems

30/07/2024 14:39

** Shares of data security service provider Varonis Systems
 VRNS.O  jumps 12.7% to $54.64
    ** Stock hits highest levels since November 2021 
    ** Co lifts FY24 revenue forecast to $544-$552 mln, up from
$536-$546 mln earlier 
    ** Sees FY24 adj. EPS between 22-24 cents, from earlier
forecast of 13-16 cents
    ** New profit forecast now above analysts' average estimate
of 20 cents/shr - LSEG data
    ** Q3 adj. EPS forecast also above estimates 
    ** Q2 results beat Wall Street expectations
    ** J.P.Morgan raises PT to $59 from $54, says outperformance
in annual recurring revenue (ARR) due to shorter sales cycles,
delayed efforts for transition plan's second phase seen as
positive
    ** At least eight other brokerages raise PTs on the stock
after its results, forecast
    ** Average rating of 21 brokerages is "buy", median PT at
$60 - LSEG data
    ** Stock up over 20% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))