Varonis price target lowered to $46 from $48 at Wells Fargo

Wells Fargo lowered the firm’s price target on Varonis (VRNS) to $46 from $48 and keeps an Equal Weight rating on the shares. Shares of Varonis traded down after market close on mixed Q4 results. While the SaaS transition is accelerating, the impact from GenAI remains small and ARR growth is decelerating to just 15% in CY25, which does not yet warrant a premium valuation.