DA Davidson analyst Rudy Kessinger lowered the firm’s price target on Varonis (VRNS) to $40 from $55 and keeps a Neutral rating on the shares. The company missed on Q3 ARR – annual recurring revenue – and lowered its 2025 ARR guidance significantly as Federal and non-Federal on-premise renewal rates were much lower than expected, the analyst tells investors in a research note. The firm suspects this is due to Varonis aggressively pushing on-premise customers to migrate to SaaS when they have no interest in doing so.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VRNS:
- Varonis price target lowered to $50 from $65 at Susquehanna
- Varonis price target lowered to $54 from $66 at Morgan Stanley
- Strategic SaaS Transition Positions Varonis Systems for Future Growth Amidst Current Challenges
- Varonis price target lowered to $45 from $50 at Piper Sandler
- Varonis Systems: Buy Rating Affirmed Amid Strategic Positioning in AI Data Security and SaaS Transition