DA Davidson Downgrades Varonis Systems: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
DA Davidson has downgraded Varonis Systems (NASDAQ:VRNS) to Neutral and raised the price target from $37.00 to $45.00. Varonis Systems' shares are currently trading at $45.08, down 0.62% over the last 24 hours. A price target of $45.00 implies a slight decrease from the current price. Varonis is a cybersecurity company transitioning to cloud-based services.
January 18, 2024 | 5:00 pm
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DA Davidson downgraded Varonis Systems to Neutral and increased the price target to $45.00, which is slightly below the current trading price of $45.08.
The downgrade to Neutral suggests that DA Davidson does not see significant upside potential for VRNS in the near term, which could lead to a bearish sentiment among investors. The new price target is marginally below the current trading price, indicating a potential slight decrease in stock value. However, the confidence in the impact is not absolute due to the nature of analyst ratings, which are subject to interpretation and can have varying effects on stock performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100