DA Davidson Downgrades Varonis Systems (VRNS) to Neutral

DA Davidson analyst Rudy Kessinger downgraded Varonis Systems (NASDAQ: VRNS) from Buy to Neutral with a price target of $49.75.

The analyst comments: “This afternoon AMC, it was announced that Proofpoint has agreed to acquire VRNS in an all cash transaction for $49.75/shr. in a deal that values VRNS at $6.3B. We are thus downgrading VRNS to NEUTRAL from BUY and lowering our PT from $55 to the deal price of $49.75.

This afternoon, it was announced that VRNS has entered into a definitive agreement to be acquired by Proofpoint (owned by Thoma Bravo) for $6.3B or $49.75 per share in an all cash transaction. This is a ~6% premium to today's closing price, but is a 52% premium vs. the closing price on 6/22, the last full trading day prior to the initial takeout rumors surfacing. The transaction is expected to close in 1H'27. See the announcement.”

For an analyst ratings summary and ratings history on Varonis Systems click here. For more ratings news on Varonis Systems click here.

Shares of Varonis Systems closed at $47.34 yesterday.

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