Varonis price target raised to $55 from $50 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the firm’s price target on Varonis (VRNS) to $55 from $50 and keeps a Neutral rating on the shares. A continued desire for cybersecurity exposure among SMID cap investors, outflows from CyberArk (CYBR) given the pending Palo Alto Networks (PANW) acquisition, and a lack of compelling SMID cap cyber stories have likely contributed to the recent strength in Varonis, the analyst tells investors in a research note. The firm adds however that it is incrementally cautious on the shares given the increasingly frothy valuation and a continued flow of mixed feedback from recent checks, DA Davidson added.