Varonis price target raised to $35 from $30 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Varonis to $35 from $30 and keeps an Outperform rating on the shares. The company’s Q2 results were “solid” with upside to annual recurring revenue and free cash flows driven by an accelerating SaaS transition, the analyst tells investors in a research note. While the transition remains a near-term headwind to revenue and earnings, it remains a positive for the long-term model, RBC added.