NEW YORK - Varonis Systems , Inc. (NASDAQ:VRNS), a leader in data security, announced today new features aimed at enhancing data security for Salesforce (NYSE:CRM) customers. Revealed at Dreamforce 2024, the update includes four remediation tools designed to automate the identification and resolution of data security risks within Salesforce environments.
The newly released capabilities allow users to prevent the unauthorized exfiltration of sensitive data, find and resolve non-expiring passwords, control third-party API connections, and ensure users have access only to the data they are meant to see. These features build on Varonis' existing suite of automations, which provide real-time insights into Salesforce data security postures and identify misconfigurations, excessive permissions, and suspicious activities that could compromise data.
Varonis Field CTO Brian Vecci commented on the importance of managing and mitigating risk through visibility and automation, emphasizing the company's commitment to securing Salesforce environments and protecting critical data over time.
As a Navigator Level sponsor at Dreamforce 2024, Varonis is showcasing these security solutions at booth #1320, demonstrating how they address common security challenges and improve SaaS security postures.
This announcement underscores Varonis' focus on cloud-native data security, offering a platform that continuously discovers and classifies critical data, removes exposures, and detects threats. The company's solutions cater to a range of security outcomes, including data security posture management, data classification, and insider risk management, among others.
Thousands of organizations globally rely on Varonis to protect their data across various cloud environments. With the latest update, Varonis continues to enhance its offerings to meet the evolving security needs of its customers.
The information in this article is based on a press release statement from Varonis Systems, Inc.
In other recent news, Varonis Systems has announced plans to offer $350 million in Convertible Senior Notes due 2029, with an additional option for initial purchasers to buy up to $52.5 million more. The proceeds are intended for general corporate purposes, potentially including research and development, capital expenditures, and acquisitions or investments.
Simultaneously, Varonis has been experiencing strong growth, particularly in its transition to a Software as a Service (SaaS) model. The company's second fiscal quarter results revealed a 13% year-over-year revenue growth, and a significant increase in its Annual Recurring Revenue (ARR) to $584.2 million, driven by its SaaS platform and Managed Data Detection and Response (MDDR) offering.
Several investment firms, including FBN Securities, Truist Securities, and Citi, have raised their price targets for Varonis, reflecting its robust performance. These firms have cited the company's impressive Q2 results and its successful shift to a SaaS business model as key reasons for their positive revisions.
The recent developments at Varonis Systems indicate a strong financial performance and a promising trajectory in the data security market.
InvestingPro Insights
Varonis Systems, Inc. (NASDAQ:VRNS) has recently made headlines with its innovative data security tools for Salesforce, showcasing the company’s proactive approach to addressing cybersecurity threats. As investors assess Varonis' market position and future potential, several key metrics and insights from InvestingPro provide a clearer picture of the company's financial health and performance.
InvestingPro Data reveals a market capitalization of $6.05 billion USD, reflecting the value the market places on the company. Despite not being profitable over the last twelve months, Varonis boasts an impressive gross profit margin of 84.54%, which indicates strong operational efficiency in generating revenue. The company's commitment to innovation and security is mirrored in its high return over the last year, with a price total return of 74.23%.
InvestingPro Tips highlight that Varonis holds more cash than debt on its balance sheet, suggesting financial stability and the ability to invest in growth opportunities. Analysts predict the company will be profitable this year, which could be a turning point for investors considering the long-term trajectory of Varonis. For those looking to delve deeper, InvestingPro offers additional insights and tips, with a total of 11 more InvestingPro Tips available at https://www.investing.com/pro/VRNS.
The InvestingPro Fair Value estimate stands at $40.26 USD, which provides investors with an expert assessment of the company's stock value. This, coupled with the strong return over the last three months of 23.0%, might indicate a positive investor sentiment and confidence in the company's direction.
Varonis' strategic focus on enhancing data security for cloud environments is likely to resonate well with organizations prioritizing the protection of critical data, potentially translating into continued customer growth and an enhanced market position.
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