Shaul Eyal, an analyst from TD Cowen, reiterated the Buy rating on Varonis Systems (VRNS – Research Report). The associated price target was lowered to $59.00.
Shaul Eyal has given his Buy rating due to a combination of factors that highlight Varonis Systems’ strong market position and growth potential. The company is expected to meet high revenue estimates for the first quarter of 2025, driven by the increasing importance of data security and the successful transition to a SaaS model. This transition is anticipated to be completed earlier than planned, which should enhance sales productivity and lead to significant revenue growth.
Furthermore, Varonis Systems’ platform is considered superior to competitors like Microsoft’s Purview, providing a competitive edge in the market. The ongoing trend towards product and market consolidation positions Varonis as an attractive acquisition target, given its leading market cap and strong positioning in the security sector. These factors collectively support the Buy rating, indicating confidence in the company’s future performance and strategic value.
Eyal covers the Technology sector, focusing on stocks such as Check Point, Cloudflare, and Fortinet. According to TipRanks, Eyal has an average return of 22.5% and a 63.73% success rate on recommended stocks.
In another report released on March 27, Wolfe Research also upgraded the stock to a Buy with a $50.00 price target.