Varonis Systems Inc. (NASDAQ:VRNS) on Tuesday posted upbeat first-quarter sales on Tuesday.

The company reported total revenue of $173.1 million, up from $136.4 million a year earlier. The company reported a GAAP operating loss of $44.5 million, compared to $43.8 million a year earlier. On a non-GAAP basis, operating loss improved to $1.4 million from $6.5 million.

Yaki Faitelson, Varonis CEO, said, “Our Q1 results reflect strong execution across our business, and SaaS ARR, excluding conversions increased 29%. AI is forcing companies to prioritize data and AI security, and Varonis is uniquely positioned to help customers put the right guardrails in place so they can achieve automated outcomes and safely deploy AI with minimal effort. We believe we are well-positioned to capitalize on the favorable tailwinds in our business and this significant AI market opportunity.”

Varonis Systems shares rose 3.7% to trade at $26.39 on Wednesday.

These analysts made changes to their price targets on Varonis Systems following earnings announcement.

  • Needham analyst Mike Cikos maintained Varonis Systems with a Buy and raised the price target from $30 to $36.
  • Stephens & Co. analyst Todd Weller maintained the stock with an Equal-Weight rating and raised the price target from $30 to $33.
  • Susquehanna analyst Shyam Patil maintained the stock with a Positive and raised the price target from $30 to $36.
  • Barclays analyst Saket Kalia maintained the stock with an Overweight rating and raised the price target from $28 to $33.

Considering buying VRNS stock? Here’s what analysts think:

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