Top 10 AI News Updates You Should Not Miss

4. Varonis Systems Inc. (NASDAQ:VRNS)

Number of Hedge Fund Holders: 42

Varonis Systems Inc. (NASDAQ:VRNS) is a cybersecurity firm that offers a security software platform to automate the management and protection of unstructured data with patented AI and ML algorithms. The AI software performs user behavior analytics and forensic analysis via platforms like data advantage, data privilege, and the data classification engine for automated threat detection and response. The company focuses on safeguarding enterprise data, financial records, intellectual property, and confidential data of individuals.

On January 16th, Citi lowered the company’s stock price target to $46 from $57 and retained a “Neutral” rating. The brokerage also opened a “30-day negative catalyst watch” on the shares. It said the company’s installed base conversions will trend up, but declining net revenue retention optics are likely for 2024, which is being under-appreciated, risking a negative headline read from the Q4 report. Citi sees “limited upside scope from here,” citing stiff competition and its “un-inflecting demand fieldwork.”