DA Davidson downgraded Varonis to Neutral from Buy with a price target of $45, up from $37. The firm sees ARR growth potentially accelerating from 15-16% this year to 20% plus in FY24 given Copilot driven deals and increased SaaS conversions with existing customers, but believes shares are fully pricing this in with shares up 89% since last May. The firm continues to believe the SaaS transition will play out quicker than expected and Varonis is executing well, but will now look for a more attractive entry point, the analyst tells investors.
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