Why Varonis Stock Jumped Today
Shares of Varonis (NASDAQ: VRNS) jumped as much as 10% today after a Wall Street analyst boosted his price target on the stock. Truist Securities reiterated its buy rating on Varonis while increasing its valuation estimate from $145 to $160. Separately, the company announced that it had achieved Common Criteria certification from the National Information Assurance Partnership (NIAP).
The cybersecurity technology sector has been reeling in recent days following a massive hack related to network management software provider SolarWinds that impacted numerous U.S. government agencies and other corporations. Even enterprise software behemoth Microsoft has acknowledged that it was impacted by the breach.
The incident is likely to spur higher demand in the IT market for cybersecurity offerings, especially around governance and compliance. Varonis has a strong position in governance and compliance and should benefit from increased spending, according to analyst Joel Fishbein.
Source Fool.com
