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.
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