Intrinsic value of Varonis Systems - VRNS

Previous Close

$58.21

  Intrinsic Value

$21.80

stock screener

  Rating & Target

str. sell

-63%

Previous close

$58.21

 
Intrinsic value

$21.80

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of VRNS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.80
  23.72
  21.85
  20.16
  18.65
  17.28
  16.05
  14.95
  13.95
  13.06
  12.25
  11.53
  10.87
  10.29
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
Revenue, $m
  273
  338
  412
  495
  588
  689
  800
  919
  1,048
  1,185
  1,330
  1,483
  1,644
  1,813
  1,990
  2,175
  2,368
  2,568
  2,777
  2,994
  3,219
  3,453
  3,697
  3,950
  4,213
  4,486
  4,771
  5,067
  5,376
  5,697
Variable operating expenses, $m
  265
  327
  399
  479
  569
  667
  774
  890
  1,014
  1,147
  1,287
  1,436
  1,592
  1,755
  1,927
  2,106
  2,292
  2,486
  2,688
  2,898
  3,116
  3,343
  3,579
  3,823
  4,078
  4,343
  4,618
  4,905
  5,204
  5,515
Fixed operating expenses, $m
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
Total operating expenses, $m
  286
  349
  421
  502
  592
  691
  798
  915
  1,040
  1,173
  1,314
  1,463
  1,620
  1,783
  1,956
  2,136
  2,322
  2,517
  2,720
  2,930
  3,149
  3,377
  3,614
  3,858
  4,114
  4,380
  4,656
  4,944
  5,243
  5,555
Operating income, $m
  -13
  -11
  -9
  -7
  -5
  -2
  1
  4
  8
  12
  16
  20
  25
  30
  35
  40
  45
  51
  57
  63
  70
  77
  84
  91
  99
  107
  115
  124
  133
  142
EBITDA, $m
  -10
  -8
  -5
  -2
  1
  5
  9
  14
  18
  24
  29
  35
  41
  48
  54
  62
  69
  77
  85
  93
  102
  111
  121
  130
  141
  151
  163
  174
  186
  199
Interest expense (income), $m
  0
  0
  2
  4
  6
  9
  12
  15
  19
  23
  27
  31
  36
  41
  46
  52
  58
  64
  70
  77
  83
  90
  98
  105
  113
  122
  130
  139
  148
  158
  168
Earnings before tax, $m
  -13
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -13
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  284
  352
  429
  515
  611
  716
  832
  956
  1,089
  1,231
  1,382
  1,542
  1,709
  1,885
  2,069
  2,261
  2,461
  2,670
  2,887
  3,112
  3,346
  3,590
  3,843
  4,106
  4,379
  4,664
  4,960
  5,267
  5,588
  5,922
Adjusted assets (=assets-cash), $m
  284
  352
  429
  515
  611
  716
  832
  956
  1,089
  1,231
  1,382
  1,542
  1,709
  1,885
  2,069
  2,261
  2,461
  2,670
  2,887
  3,112
  3,346
  3,590
  3,843
  4,106
  4,379
  4,664
  4,960
  5,267
  5,588
  5,922
Revenue / Adjusted assets
  0.961
  0.960
  0.960
  0.961
  0.962
  0.962
  0.962
  0.961
  0.962
  0.963
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
Average production assets, $m
  14
  17
  21
  25
  29
  34
  40
  46
  52
  59
  66
  74
  82
  91
  100
  109
  118
  128
  139
  150
  161
  173
  185
  197
  211
  224
  239
  253
  269
  285
Working capital, $m
  -34
  -42
  -51
  -61
  -72
  -85
  -98
  -113
  -129
  -146
  -164
  -182
  -202
  -223
  -245
  -268
  -291
  -316
  -342
  -368
  -396
  -425
  -455
  -486
  -518
  -552
  -587
  -623
  -661
  -701
Total debt, $m
  34
  73
  118
  168
  223
  285
  351
  423
  501
  583
  671
  763
  860
  962
  1,069
  1,180
  1,297
  1,417
  1,543
  1,674
  1,810
  1,951
  2,098
  2,250
  2,409
  2,574
  2,746
  2,924
  3,110
  3,304
Total liabilities, $m
  165
  204
  249
  299
  354
  416
  482
  554
  632
  714
  802
  894
  991
  1,093
  1,200
  1,311
  1,428
  1,548
  1,674
  1,805
  1,941
  2,082
  2,229
  2,381
  2,540
  2,705
  2,877
  3,055
  3,241
  3,435
Total equity, $m
  119
  148
  180
  216
  257
  301
  349
  401
  457
  517
  581
  647
  718
  792
  869
  950
  1,034
  1,121
  1,212
  1,307
  1,405
  1,508
  1,614
  1,724
  1,839
  1,959
  2,083
  2,212
  2,347
  2,487
Total liabilities and equity, $m
  284
  352
  429
  515
  611
  717
  831
  955
  1,089
  1,231
  1,383
  1,541
  1,709
  1,885
  2,069
  2,261
  2,462
  2,669
  2,886
  3,112
  3,346
  3,590
  3,843
  4,105
  4,379
  4,664
  4,960
  5,267
  5,588
  5,922
Debt-to-equity ratio
  0.280
  0.490
  0.650
  0.780
  0.870
  0.950
  1.010
  1.050
  1.090
  1.130
  1.160
  1.180
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
Adjusted equity ratio
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -13
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
Depreciation, amort., depletion, $m
  3
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  45
  48
  51
  54
  57
Funds from operations, $m
  -10
  -10
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  0
  1
  3
  4
  5
  7
  8
  10
  12
  13
  15
  17
  19
  21
  24
  26
  28
  31
Change in working capital, $m
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
Cash from operations, $m
  -3
  -2
  0
  2
  4
  5
  7
  9
  11
  13
  16
  18
  20
  22
  24
  27
  29
  31
  34
  37
  39
  42
  45
  48
  52
  55
  59
  62
  66
  71
Maintenance CAPEX, $m
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -45
  -48
  -51
  -54
New CAPEX, $m
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
Cash from investing activities, $m
  -5
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -19
  -21
  -23
  -24
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -52
  -56
  -59
  -63
  -66
  -70
Free cash flow, $m
  -8
  -8
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  1
Issuance/(repayment) of debt, $m
  34
  39
  45
  50
  56
  61
  67
  72
  77
  82
  88
  92
  97
  102
  107
  111
  116
  121
  126
  131
  136
  141
  147
  153
  159
  165
  172
  179
  186
  194
Issuance/(repurchase) of shares, $m
  37
  41
  45
  50
  54
  58
  63
  67
  71
  75
  79
  83
  87
  91
  95
  99
  102
  106
  111
  115
  119
  123
  128
  133
  138
  143
  148
  154
  160
  166
Cash from financing (excl. dividends), $m  
  71
  80
  90
  100
  110
  119
  130
  139
  148
  157
  167
  175
  184
  193
  202
  210
  218
  227
  237
  246
  255
  264
  275
  286
  297
  308
  320
  333
  346
  360
Total cash flow (excl. dividends), $m
  63
  73
  83
  93
  104
  114
  124
  134
  144
  154
  163
  172
  181
  190
  199
  207
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
  319
  333
  346
  361
Retained Cash Flow (-), $m
  -37
  -41
  -45
  -50
  -54
  -58
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -102
  -106
  -111
  -115
  -119
  -123
  -128
  -133
  -138
  -143
  -148
  -154
  -160
  -166
Prev. year cash balance distribution, $m
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  46
  32
  38
  44
  50
  56
  62
  67
  73
  79
  84
  89
  94
  99
  104
  109
  114
  119
  124
  129
  134
  140
  145
  151
  158
  164
  171
  178
  186
  195
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  44
  29
  33
  36
  39
  40
  42
  42
  42
  41
  40
  38
  36
  33
  31
  28
  25
  22
  19
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  96.2
  93.0
  90.2
  87.8
  85.6
  83.7
  82.0
  80.5
  79.1
  77.8
  76.7
  75.6
  74.6
  73.6
  72.8
  72.0
  71.2
  70.5
  69.8
  69.1
  68.5
  67.9
  67.3
  66.8
  66.3
  65.7
  65.3
  64.8
  64.3
  63.9

Varonis Systems, Inc. provides a solutions that protect data from insider threats and cyberattacks. The Company's products include DatAdvantage, DataPrivilege, Interface Data Unit Classification Framework, Data Transport Engine, DatAnywhere and DatAnswers. Its platform allows enterprises to analyze, secure, manage and migrate volumes of unstructured data. It specializes in file and e-mail systems that store valuable spreadsheets, word processing documents, presentations, audio and video files, e-mails and text. Its Metadata Framework is a technology platform that extracts metadata from an enterprise's information technology (IT) infrastructure. Data often includes an enterprise's financial information, intellectual property, and confidential employee, customer or patient records. IT and business personnel deploy its software for a range of use cases, including data security, governance and compliance, user behavior analytics, archiving, search, and file synchronization and sharing.

FINANCIAL RATIOS  of  Varonis Systems (VRNS)

Valuation Ratios
P/E Ratio -86.7
Price to Sales 9.5
Price to Book 18.8
Price to Tangible Book
Price to Cash Flow 223
Price to Free Cash Flow 520.4
Growth Rates
Sales Growth Rate 29.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -10.4%
Ret/ On Assets - 3 Yr. Avg. -14%
Return On Total Capital -21.6%
Ret/ On T. Cap. - 3 Yr. Avg. -28.2%
Return On Equity -21.6%
Return On Equity - 3 Yr. Avg. -28.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 90.9%
Gross Margin - 3 Yr. Avg. 90.5%
EBITDA Margin -9.1%
EBITDA Margin - 3 Yr. Avg. -14%
Operating Margin -9.8%
Oper. Margin - 3 Yr. Avg. -14.2%
Pre-Tax Margin -10.4%
Pre-Tax Margin - 3 Yr. Avg. -15.2%
Net Profit Margin -11%
Net Profit Margin - 3 Yr. Avg. -15.4%
Effective Tax Rate -5.9%
Eff/ Tax Rate - 3 Yr. Avg. -2%
Payout Ratio 0%

VRNS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRNS stock intrinsic value calculation we used $217.364 million for the last fiscal year's total revenue generated by Varonis Systems. The default revenue input number comes from 0001 income statement of Varonis Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VRNS stock valuation model: a) initial revenue growth rate of 25.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for VRNS is calculated based on our internal credit rating of Varonis Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Varonis Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VRNS stock the variable cost ratio is equal to 96.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $21 million in the base year in the intrinsic value calculation for VRNS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Varonis Systems.

Corporate tax rate of 27% is the nominal tax rate for Varonis Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VRNS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VRNS are equal to 5%.

Life of production assets of 3.3 years is the average useful life of capital assets used in Varonis Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VRNS is equal to -12.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $114.642 million for Varonis Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 26.842 million for Varonis Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Varonis Systems at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Varonis to Present at November Investor Conferences   [Nov-01-18 04:05PM  GlobeNewswire]
▶ Varonis Sees a North American Recovery   [Oct-31-18 07:00PM  Motley Fool]
▶ Varonis: 3Q Earnings Snapshot   [Oct-29-18 05:23PM  Associated Press]
▶ Palo Alto Networks Stock Upgraded: What You Need to Know   [Oct-18-18 02:56PM  Motley Fool]
▶ Varonis Joins IBM Security App Exchange Community   [Sep-19-18 09:05AM  GlobeNewswire]
▶ Varonis to Present at September Investor Conferences   [Aug-29-18 04:05PM  GlobeNewswire]
▶ Varonis Announces Q2 Winners of Channel Partner Awards   [Aug-28-18 12:00PM  GlobeNewswire]
▶ [$$] 4 Hidden Small-Cap Gems   [Aug-08-18 01:41PM  Barrons.com]
▶ Varonis Systems Stumbles in North America   [Jul-31-18 05:41PM  Motley Fool]
▶ Varonis: 2Q Earnings Snapshot   [Jul-30-18 05:39PM  Associated Press]
▶ 1 Top Small-Cap Stock to Buy in July   [Jul-11-18 10:27AM  Motley Fool]
▶ 3 Growth Stocks for Forward-Looking Investors   [Jun-09-18 10:23AM  Motley Fool]
▶ The 5 Best Charts in the Market Right Now   [May-18-18 07:39AM  InvestorPlace]
▶ Is It Too Late To Buy Varonis Systems Inc (NASDAQ:VRNS)?   [May-16-18 01:47PM  Simply Wall St.]
▶ Varonis: 1Q Earnings Snapshot   [Apr-30-18 05:07PM  Associated Press]
▶ Varonis to Present at the Susquehanna Technology Conference   [Mar-06-18 04:05PM  GlobeNewswire]
▶ Varonis to Present at February Investor Conferences   [Feb-20-18 04:05PM  GlobeNewswire]
▶ Varonis tops Street 4Q forecasts   [Feb-12-18 04:23PM  Associated Press]
▶ Varonis to Present at the Needham Growth Conference   [Jan-11-18 08:30AM  GlobeNewswire]
▶ Should You Buy Varonis Systems Inc (NASDAQ:VRNS)?   [Dec-22-17 04:45PM  Simply Wall St.]
▶ Cybersecurity Survey Reveals Significant GDPR Readiness Gap   [Dec-06-17 09:00AM  GlobeNewswire]
▶ Varonis to Present at December Investor Conferences   [Nov-28-17 04:30PM  GlobeNewswire]
▶ Some Secure Names in Cybersecurity   [Nov-20-17 02:00PM  TheStreet.com]
▶ Varonis to Present at November Investor Conferences   [Nov-03-17 08:00AM  GlobeNewswire]
▶ Varonis Announces Third Quarter 2017 Financial Results   [Nov-02-17 04:05PM  GlobeNewswire]

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