Citi analyst Fatima Boolani raised the firm’s price target on Varonis to $46 from $45 and keeps a Neutral rating on the shares post the Q4 report. The analyst says “bulls stand to dominate stock’s direction” with the company’s annual recurring revenue 2024 outlook initiated ahead of Street and software-as-a-service transition pulled one year forward. However, Citi is “stumped” Varonis’ ARR is not already sharply accelerating given current the stock’s recent outperformance.
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