Varonis price target raised to $34 from $30 at Jefferies

Jefferies analyst Joseph Gallo raised the firm’s price target on Varonis to $34 from $30 and keeps a Hold rating on the shares. The company’s software-as-a-service traction was again better than expected driving annual recurring revenue upside in Q3, the analyst tells investors in a research note. The firm says that while it remains early, Varonis appears well positioned to provide governance to artificial intelligence models, although it will face incremental competition. It views the shares as fairly valued.