Varonis price target lowered to $27 from $41 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Varonis (VRNS) to $27 from $41 and keeps an Equal Weight rating on the shares. Fiscal Q4 was slightly better than expectations as SaaS conversions picked up, but a $30M-$50M headwind to free cash flow from the decision last quarter to end-of-life the premise product “came as a surprise to investors” against a punishing software valuation backdrop, which will cause further weakness in the near-term, the analyst says.