Varonis price target lowered to $47 from $50 at DA Davidson

DA Davidson analyst Rudy Kessinger lowered the firm’s price target on Varonis (VRNS) to $47 from $50 and keeps a Neutral rating on the shares after holding talks with its Investor Relations team earlier this week. The company is generally executing well, and it seems that its new logo bookings are trending better than previously thought, but it remains difficult to make the bull case on the stock at its current valuation, the analyst tells investors in a research note. The firm adds that the broad rollouts of Microsoft (MSFT) Copilot could still very well serve as a catalyst for further near-term annual recurring revenue growth acceleration for Varonis, but despite Microsoft noting that 70% of Fortune 500 customers are using Copilot, DA Davidson contends that the overwhelming majority are “still very much in the experimental phase”.