Shares of Varonis Systems (NASDAQ: VRNS), a data security and analytics company, were sliding today after Morgan Stanley analyst Hamza Fodderwala downgraded the company's stock and lowered his price target for its shares. Fodderwala downgraded Varonis' stock to an equal weight rating from his previous overweight rating and lowered the stock's price target to $35 from $50. Investors may have reacted strongly to today's downgrade as they take a more skeptical view of technology stocks in general right now.
It is now my pleasure to introduce your host, James Arestia, vice president of investor relations. With me on the call today are Yaki Faitelson, chief executive officer; and Guy Melamed, chief financial officer and chief operating officer of Varonis. During this call, we may make statements related to our business that will be considered forward-looking statements under federal securities laws, including projections of future operating results for our second quarter and full year ending December 31, 2022.
Varonis (VRNS) delivered earnings and revenue surprises of 10% and 0.27%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?