Varonis price target raised to $37 from $35 at Wedbush

Wedbush raised the firm’s price target on Varonis (VRNS) to $37 from $35 and keeps an Outperform rating on the shares. The firm notes the company reported its Q1 results featuring beats on the top and bottom lines, while raising its FY26 guidance as the company saw healthy demand across both new and existing logos with Varonis seeing a growing need from customers to secure their data and AI stacks. Wedbush believes the company’s AI story remains undervalued by the Street with Varonis looking to capture the massive market opportunity ahead as it builds momentum for its core MDDR and AI products.