Stock Alert: Varonis Systems Shares Surge 12% In Premarket
Shares of Varonis Systems Inc. (VRNS) are surging over 12% in pre-market today, after the company issued upbeat Q4 guidance, while reporting better-than-expected Q3 results. The stock has been trading in the range of $48.95 – $130.91 for the past one year, and is currently trading at $137.40, up $14.97 or 12.23% in the pre-market session Tuesday.
The company projects fourth-quarter non-GAAP earnings in the range of $0.10 – $0.13 per share, on revenue of $82 million – $85 million. Meanwhile, Wall Street analysts estimate a loss of $0.02 per share and revenue of $79.76 million for the quarter.
The company’s Q3 net loss was $19.2 million or $0.61 per share compared to a loss of $16.9 million or $0.56 per share last year. On a non-GAAP basis, net income was $2.12 million or $0.06 per share compared to a loss of $4.84 million or $0.16 per share prior year. Total revenues increased 17% to $76.8 million, compared to $65.6 million in the third quarter of 2019.
Analysts polled by Thomson Reuters expected a loss of $0.13 per share on revenue of $70.17 million for the quarter. Analysts’ estimate typically exclude certain special items.
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