BTIG Affirms Imperva (IMPV) at 'Buy' as Elliott Discloses Large Stake; Sees as Tech Leader in Key Security Segments

BTIG affirms Imperva (Nasdaq: IMPV) at Buy with a price target of $55 after Elliott Management disclosed a large position in the company late Monday.

Analyst Joel Fishbein commented, Elliott believes that the company is well positioned to grow within the Web Application Firewall and Database Activity markets, and that there are both “strategic and operational opportunities...that would meaningfully increase value to shareholders.” Regular readers will remember that Elliott also took an active position in Citrix nearly a year ago, with the stock gaining ~20% since. Moreover, Elliott is an experienced technology investor, and has previously taken positions in Riverbed (Private), NetApp, Juniper Networks, and Brocade.

A key tenet of our Buy-rated thesis has been IMPV’s strategic technology and relatively high growth in the Web Application Firewall and database security markets. The company has had numerous strategic wins relative to legacy competitors such as IBM, but execution missteps have obfuscated the path forward. We still see virtually no change to the company’s technology leadership in a large and growing market, and think profitability is on the horizon, the analyst noted.

For an analyst ratings summary and ratings history on Imperva click here. For more ratings news on Imperva click here.

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