Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Varonis (VRNS) to $54 from $66 and keeps an Overweight rating on the shares. A shortfall across most metrics in Q3 and into Q4 was attributed to a variety of factors, from renewal rates on on-premise business to continued deal scrutiny, but given how late changes were detected in the quarter and the number of changes being made, the firm sees the stock being in the “penalty box” in the near-term, the analyst tells investors.
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