Robert W. Baird analyst Shrenik Kothari has maintained their bullish stance on VRNS stock, giving a Buy rating yesterday.
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Shrenik Kothari has given his Buy rating due to a combination of factors related to the performance and strategic developments of Varonis Systems. The company showed a substantial increase in remaining performance obligations, indicating a strong future revenue stream driven by a growing adoption of their SaaS solutions. This robust RPO growth suggests that Varonis is successfully transitioning its business model and gaining traction in the market.
Moreover, Varonis has invested in its customer success teams, which indicates a commitment to supporting clients during their transition to the SaaS model. The company’s expansion in geographic revenue sources and its global customer base, now spanning over 95 countries, further supports Kothari’s positive outlook. Additionally, the headcount growth reflects the company’s expansion and adaptation to market demands, reinforcing the potential for continued growth and success in the SaaS market.
Kothari covers the Technology sector, focusing on stocks such as Fortinet, Okta, and CrowdStrike Holdings. According to TipRanks, Kothari has an average return of 30.1% and an 80.00% success rate on recommended stocks.
In another report released yesterday, TD Cowen also reiterated a Buy rating on the stock with a $65.00 price target.