Cantor Fitzgerald analyst Jonathan Ruykhaver raised the Varonis Systems (NASDAQ: VRNS) price target to $55. The firm previously set a target of $35. Cantor Fitzgerald maintained an Overweight rating on the stock.
The revision reflects confidence in Varonis's transition to a pure software-as-a-service (SaaS) model. Analysts believe this shift supports a higher market valuation.
Other firms have also issued bullish updates. UBS recently increased its price target for the company to $58. Stephens upgraded the stock to Overweight, citing strong growth prospects and potential private equity interest.
Varonis Systems provides cybersecurity solutions designed to protect data from insider threats and cyberattacks.