As previously reported, Craig-Hallum analyst Chad Bennett upgraded Varonis to Buy from Hold with a price target of $35, up from $25. The firm notes Varonis is seeing a quicker than anticipated uptake of its new SaaS platform with SaaS accounting for 58% of new business and upsell ARR vs 35% guided, along with $6M of on-premises conversions to SaaS, in Q2. This rapid adoption of SaaS and an apparent stabilization in the macro environment led Varonis to deliver a significant Q2 beat on ARR and free cash flow in Q2. Craig-Hallum sees the company’ Q2 SaaS outperformance as evidence of the value the platform creates and anticipates the SaaS transition will continue its momentum.
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