Varonis Systems Inc (NASDAQ:VRNS) on Tuesday posted better-than-expected earnings for the second quarter.

The company reported quarterly earnings of 4 cents per share which beat the analyst consensus estimate of 1 cent per share. The company reported quarterly sales of $180.023 million which beat the analyst consensus estimate of $176.775 million.

Varonis Systems raised its FY2026 adjusted EPS guidance from $0.11-$0.12 to $0.14-$0.15 and increased its sales guidance from $731.000 million-$737.000 million to $735.000 million-$739.000 million.

Yaki Faitelson, Varonis CEO, said, “Our Q2 results were highlighted by SaaS ARR excluding conversions growth of 25%, SaaS ARR from new logos growing more than 20% and increasing momentum from our newer products, including Atlas, Interceptor, and Database Activity Monitoring. Organizations are prioritizing data and AI security, and we are uniquely positioned to help customers secure sensitive data, govern AI and automate risk reduction.”

Varonis shares fell 8.2% to trade at $41.01 on Wednesday.

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

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