Piper Sandler lowered the firm’s price target on Varonis (VRNS) to $45 from $50 and keeps a Neutral rating on the shares. The firm notes that in what was perceived as fairly de-risked second half of the year setup, lower on-prem renewals drove a $1M miss to Q3 ARR, a $17M lower to full-year ARR expectations and a 5% RIF as the company realigns expectations and resource allocation in light of results. Further, the company announced the end of life of its on-prem solutions, creating further levels of uncertainty and took a conservative view of Q4 guidance as a result.
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