Varonis initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Varonis (VRNS) with an Overweight rating and $60 price target The firm believes data security is “finally becoming a top investment priority driven by several emerging trends,” including adoption of machine learning workloads, growth in data, and the ease with which bad actors increasingly evade perimeter tools and move laterally to gain access to sensitive data. Recent partner feedback on Varonis highlights generative artificial intelligence the predominant use case in nearly all conversations, which will begin to impact the company’s annual recurring revenue materially in fiscal 2025, the analyst tells investors in a research note. In the near-term, Cantor sees managed data detection and response, perpetual conversions to software-as-a-service and new logo growth as continued drivers to recurring revenue upside.

Stay Ahead of the Market:

• Discover outperforming stocks and invest smarter with Top Smart Score Stocks
• Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See today’s best-performing stocks on TipRanks >>

Read More on VRNS:

• Varonis price target lowered to $60 from $65 at Barclays
• Varonis price target lowered to $50 from $55 at Piper Sandler
• Varonis price target lowered to $50 from $60 at Jefferies
• Varonis broadens data security coverage with ServiceNow
• Varonis price target lowered to $47 from $50 at DA Davidson