Jefferies lowered the firm’s price target on Varonis (VRNS) to $60 from $75 and keeps a Buy rating on the shares. The end of life for the 24% of ARR that is on-premise by the end of 2026 was “surprising,” but there is precedent of “ripping the Band-Aid off SaaS conversions” unlocking shareholder value, as long as there’s no competitive issues and management is adamant there’s not, the analyst tells investors in a post-earnings note.
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