Varonis Systems (VRNS) PT Raised to $50 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the price target on Varonis Systems (NASDAQ: VRNS) to $50.00 (from $47.00) while maintaining a Neutral rating.

The analyst comments "VRNS beat cons. estimates across the board. NNARR was ~$5M ahead of cons., though ARR growth remained steady at +18% Y/Y (+13% Y/Y ex SaaS conversions by our math). Conversions, new logos, and MDDR were called out as the drivers of the upside in the qtr. & mgmt. noted they are now seeing “very early contribution” from GenAI / Copilot. Conversely, Federal was a bit below expectations. SaaS ARR is now 43% of total as conversions continue to tick up every quarter. FY25 ARR guidance was raised to +17-18% Y/Y, though true buy side expectations likely remain +19-20%. We remain NEUTRAL rated; raising PT from $47 to $50."

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