Varonis Systems

VRNS · NASDAQ

$48.68−$0.02 (−0.04%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $48.70

VRNS analyst rating

HoldConsensus of 24 analysts over the last 12 months. 38% rate it a buy.

Strong buy0
Buy9
Hold15
Underperform0
Sell0

12-month price target · 24 analysts

Average $52.19 (+7.2% upside)

Low: $28.85
Now: $48.68
High: $63.00

Upgrades and downgrades

The latest rating actions, newest first

VRNS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 19, 2026	Downgrade	Overweight → Equal-Weight	$50.00	66%
Citigroup	Oct 16, 2026	Maintains	Neutral	$45.00 → $49.75	71%
Baird	Oct 16, 2026	Maintains	Neutral	$45.00 → $50.00	60%
Piper Sandler	Oct 16, 2026	Downgrade	Overweight → Neutral	$58.00 → $49.75	72%
RBC Capital	Oct 16, 2026	Downgrade	Outperform → Sector Perform	$52.00 → $49.75	61%
TD Cowen	Oct 16, 2026	Downgrade	Buy → Hold	$56.00 → $49.75	71%
Jefferies	Oct 16, 2026	Downgrade	Buy → Hold	$60.00 → $49.75	74%
DA Davidson	Oct 16, 2026	Downgrade	Buy → Neutral	$55.00 → $49.75	61%
Wells Fargo	Oct 16, 2026	Downgrade	Overweight → Equal-Weight	$53.00 → $49.75	88%
Wedbush	Oct 16, 2026	Maintains	Neutral	$46.00 → $49.75	63%

The case for and against

Updated Oct 14, 2026

Bull case

Varonis Systems is favored because its largely completed SaaS transition has improved sales cycles, enlarged deal sizes, and lifted sales productivity to multi-year highs, with SaaS customers representing about 89% of ARR and SaaS renewal rates above 90%. The company is also benefiting from durable secular demand in data security, driven by robust data growth, tighter privacy regulations, expanding threat surfaces, and GenAI adoption, while new products such as Atlas, Interceptor, and DAM are creating additional pipeline and cross-sell potential. Financially, SaaS ARR excluding conversions grew strongly, new SaaS ARR from new logos rose over 20% year over year in 2QCY26, and management’s FY26 growth guidance was raised to 20-21%, supporting confidence in sustained 20%-plus growth and improving profitability as transition headwinds fade.

Bear case

Varonis Systems is facing a difficult fundamental backdrop as uncertainty around the reported Proofpoint talks could distract customers and slow September quarter execution, especially with the news hitting into the Labor Day Weekend and roughly 50% of the quarter still to close. Its ongoing shift to a subscription-based model adds transition risk, while Microsoft’s involvement, encroachment from other cyber disciplines, and adverse economic or geopolitical conditions may pressure demand and near-term results. The data security market also remains highly competitive, with newer vendors like Cyera and larger rivals such as CrowdStrike, Palo Alto Networks, and Zscaler intensifying the challenge to Varonis’s growth and margins.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.