
Shares of data security service provider Varonis Systems VRNS.O edge 2.2% lower to $34.20 premarket
Morgan Stanley downgrades the stock rating to "equal-weight" from "overweight"; cuts PT to $41 from $44 - an upside of 17.3% from stock's last close
The brokerage cite a "more fierce" competitive environment, particularly from Microsoft Purview and multiple startups in the data security field
"We are moving to the sidelines on VRNS as we see more limited durable catalysts in the near term and need to see more traction with selling a broader portfolio.." - Morgan Stanley
17 of 21 brokerages rate the stock "buy" or higher, four "hold"; their median PT is $48.21 - LSEG data
Stock had fallen about 26% in 2025