VRNS

Varonis Systems Inc

TMT, Software


Presented:10/01/2024
Price:$55.02
Cap:$6.17B
Current Price:$59.98
Cap:$6.73B

Presented

Date10/01/2024
Price$55.02
Market Cap$6.17B
Ent Value$5.05B
P/E RatioN/A
Book Value$4.09
Div Yield0%
Shares O/S112.18M
Ave Daily Vol1,397,417
Short Int10.16%

Current

Price$59.98
Market Cap$6.73B
Varonis Systems, Inc. engages in the provision of a security software platform. Its software enables enterprises and industries to protect data stored in the cloud and on-premises including sensitive files and emails, confidential personal data belonging to customers, patients, and employees, financial records, source code, strategic, and product plans, and other intellectual property. It operates through the following geographical segments: North America, Europe, Middle East, and Africa, and Rest of the World. The company was founded by Yakov Faitelson and Ohad Korkus on November 3, 2004 and is headquartered in New York, NY.

Publicly traded companies mentioned herein: Guidewire Software Inc (GWRE), Microsoft Corp (MSFT), SAP SE (SAP), Varonis Systems Inc (VRNS)

Highlights

The presenter is long shares of Varonis Systems Inc (VRNS), viewing it as one of the few companies still undergoing a SaaS transition. With ~2/3 of its business still on-premise, the company has substantial growth potential, particularly given that sales are weighted toward the latter half of the year. He also sees further upside potential from Microsoft Copilot adoption as Varonis offers complementary services. Looking ahead to 2026, the presenter projects FCF/share of $1.80, applies a ~35x multiple, and adds its ~$4.50 net cash per share to reach a $70 price target.

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Idea Discussion

Commentor 1 - 2 weeks ago

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