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UBS has raised its price target for Varonis Systems from $63 to $70, maintaining a Buy rating, citing a favorable outlook for the second half of 2024. Despite a 29% year-to-date share price increase, expectations for modest growth in annual recurring revenue are set at $48 million for 2H24. Varonis has also announced plans for $350 million in Convertible Senior Notes and showcased new data security features at Dreamforce 2024, reflecting its strong financial performance and ongoing transition to a SaaS model.
Cadian Capital Management, a tech-focused hedge fund, experienced a 10% loss in September, bringing its year-to-date decline to 15%. This marks a potential worst annual performance since 2021, despite the tech-heavy Nasdaq rising over 23% this year. Key positions like Braze and Elastic have significantly impacted results, with Braze dropping 28% after disappointing earnings.
Varonis Systems, Inc.
Companies
| Symbol | VRNS |
| Name | Varonis Systems, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | NY |
| City | New York |
| Zipcode | 10001 |
| Website | http://www.varonis.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs raises price target for varonis systems amid strong financial performance
13:15 23.10.2024
cadian capital management faces significant losses amid tech sector gains
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