Varonis (VRNS) Jumps 13% on Upbeat Ratings

We recently published 10 Big Names With Effortless Double-Digit Gains. Varonis Systems Inc. (NASDAQ:VRNS) was one of the best performers on Monday.

Varonis Systems surged by 13.07 percent on Monday to finish at $25.61 apiece as investors continued to take heart from a flurry of positive ratings for the stock.

Last week, Varonis Systems Inc. (NASDAQ:VRNS) received “overweight” and “buy” ratings from six investment companies, namely DA Davidson, UBS, B. Riley, Wedbush, Truist, and RBC, but all have downgraded their price targets for the stock to a range of $30 to $45 from $30 to $60 previously.

Meanwhile, Morgan Stanley maintained an “equal weight” rating, but reduced its price target to $27.

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The coverage followed Varonis Systems Inc.’s (NASDAQ:VRNS) successful acquisition of AllTrue.ai—an AI trust, risk, and security management company that helps organizations understand and control how AI systems behave across the enterprise.

According to the company, its acquisition would bring real-time visibility and security to its AI systems and complement its deep understanding of enterprise data, identities, and access.

“AI can behave unpredictably. If you don’t know which AI systems you have, what they’re doing, or what data they can touch, you can’t safely use AI. By combining AllTrue’s AI visibility and enforcement with Varonis’ Data Security Platform, we’re giving organizations a way to adopt AI while keeping risk under control,” said Varonis Systems Inc. (NASDAQ:VRNS) CEO Yaki Faitelson.

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Disclosure: None. This article is originally published at Insider Monkey.