Shares of Varonis Systems (NASDAQ:VRNS) dropped 2.7% after announcing a 5% reduction in workforce and receiving a lower price target. The company reported a 48.7% drop after weak third-quarter financial results, missing revenue estimates and experiencing a 63.9% decline in term license subscription revenues. Varonis also revised its full-year guidance and fourth-quarter outlook due to poor performance in on-premise subscription business. Analysts at DA Davidson lowered their price target on the stock. Varonis shares closed at $35.22, up 0.6% from the previous close. Is it time to buy Varonis Systems?

Varonis Systems’s shares have only had 9 moves greater than 5% in the last year, making today’s significant drop noteworthy. The stock is down 20.7% since the start of the year, trading 44.4% below its 52-week high. Investors who bought $1,000 worth of Varonis Systems stock 5 years ago would now have an investment worth $906.47. While Wall Street focuses on high-flying stocks like Nvidia, an under-the-radar semiconductor supplier is dominating a key AI component.

Read more at Barchart: Why Varonis Systems (VRNS) Stock Is Trading Lower Today