Wells Fargo Maintains Equal-Weight Rating for Varonis Systems: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Wells Fargo has maintained its Equal-Weight rating for Varonis Systems (NASDAQ:VRNS) and increased its price target from $42.00 to $45.00. Varonis Systems' shares have risen 7.4% in the last 24 hours to $48.91. The company specializes in cybersecurity, focusing on data privacy and security, and is transitioning to cloud-based services.
February 06, 2024 | 5:00 pm
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Wells Fargo maintains Equal-Weight rating on Varonis Systems and raises price target to $45. Shares up 7.4% to $48.91 amid cloud transition.
The increase in the price target by Wells Fargo reflects a positive outlook on Varonis Systems, especially as the company transitions to cloud-based services. The recent 7.4% increase in share price indicates strong market response, likely bolstered by the analyst's updated target. Given the company's focus on cybersecurity, a sector with growing demand, the short-term impact is expected to be positive.
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