Analysts at Berenberg Bank believe the market underappreciates the long-term opportunity of Varonis Systems, Inc. (NASDAQ:VRNS), noting that the company, market leader in the data security category, is well-positioned to take a share of security budgets as organizations place increased focus on data security, as many employees around the world have had to work remotely or in a hybrid capacity over the last 18+ months.

The analysts mentioned several tailwinds that can sustain the durable growth of the company, such as the elevated threat environment, a robust product offering with little competition, and an expansion of its TAM with 10 DatAdvantage Cloud licenses that protect highly relevant and popular cloud data repositories.