Varonis Systems Inc

VRNS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.00	Ckly	Smmtgwypp

No-Moat Varonis’ Execution on Its Cloud Transition Is Crucial; Initiate at $22; Shares Fairly Valued

Malik Ahmed Khan

Mar 27, 2023

We are initiating coverage of Varonis with a fair value estimate of $22 per share, no economic moat rating, negative moat trend rating, and very high uncertainty rating. We currently view shares as fairly valued and trading in 3-star territory.

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