CyberArk Software (CYBR): Cloud Products At The Core of Solid 2Q - Oppenheimer
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of CyberArk Software (NASDAQ: CYBR) after the company reported 2Q16 revenue of $50.4M beating consensus $48.2M and EPS of $0.29 vs. the Street's $0.20. Upside was driven by healthy demand for PAM and ongoing operating cost discipline.
The company saw solid performance across each segment, with Licenses at $30M (vs. consensus' $28.4M) and Services at $20.4M (vs. consensus' $19.9M). Strength at Viewfinity drove an increase in gross margins (87.6% vs. 83.5%). CYBR's expanding product line is complimenting recent trends (e.g. ransomware), including the recent (8/8) announcement of the compatibility of Privileged Access Security Solutions with cloud environments.
No change to the price target of $60.
Shares of CyberArk Software closed at $55.31 yesterday.
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