VARONIS SYSTEMS, INC.
In the published model solve dated 2026-Q2, anchored at $43.40, VARONIS SYSTEMS, INC. (VRNS) is priced for +23.9% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
- Varonis sells data-security software, the tools that find sensitive data, monitor who touches it, and lock it down, and it is nearly through a multi-year shift to a SaaS subscription model. SaaS is now about 86% of annual recurring revenue, with total SaaS ARR of $683.2 million in Q1 2026, up 69% year over year. - The GAAP loss is a transition artifact, not a cash problem. The model basis shows a trailing operating loss, but the company guides to $100 million to $105 million of free cash flow
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286 institutional managers reported holding VRNS in 13F filings for the quarter ended 2026-03-31. Together they hold about 92% of the company; the top 10 hold 42%. 48 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 8.8M shares were sold short as of the 2026-06-15 count, about 8% of shares outstanding (6.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
VRNS's share count grew 8.8% over the past five years even with $349.97M spent on repurchases. It pays no dividend. Cash returned over the past three years: $285.92M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at VRNS over the trailing three years: 2023: 1 buy totaling $37k; 2024: 1 buy totaling $12k; 2026: 4 buys totaling $1.18M. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
VRNS's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | +13.9% | -1.7% |
| 2023-11-01 | +6.7% | +28.1% |
| 2024-02-07 | +7.1% | -6.0% |
| 2024-05-08 | +2.7% | +1.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
VRNS's latest 8-K filings: 2026-07-28 (items 2.02, 9.01); 2026-06-02 (items 5.02, 5.07); 2026-04-28 (items 2.02, 9.01); 2026-02-03 (items 2.02, 9.01); 2025-10-28 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.