Piper Sandler analyst Rob Owens raised the firm’s price target on Varonis to $35 from $30 and keeps a Neutral rating on the shares. The analyst says Q3 reports for the security and infrastructure software space brought a “strong sense of stability relating to economic trends as well as green-shoots of optimism pertaining to cloud growth and the impact of generative AI on increased demand / spend over the coming years. The firm’s valuation methodology rolls forward, lowering the duration of remaining discount periods as well as looking at terminal free cash flow multiples “in a more compelling light given the more-so favorable outlook.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VRNS:
- Varonis Adds PCI DSS and HIPAA Compliance to its Growing List of Certifications
- Varonis announces expanded capabilities in AWS, Azure
- Varonis Expands DSPM Capabilities With Deeper Azure and AWS Support
- Varonis price target raised to $52 from $40 at RBC Capital
- Varonis Returns to Black Hat Europe 2023: Prevent AI Data Exposure, Play Capture the Flag, and Strengthen Your DSPM