Varonis price target raised to $58 from $55 at RBC Capital

RBC Capital raised the firm’s price target on Varonis (VRNS) to $58 from $55 and keeps an Outperform rating on the shares. The company reported strong Q1 results with 19% annual recurring revenue – ARR – growth as SaaS now accounts for 61% of ARR as the company is on track to complete its SaaS transition this year, the analyst tells investors in a research note.