Imperial Capital Raises Price Target on CyberArk Software (CYBR) to $55 Following 2Q
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Imperial Capital reiterated an In-Line rating on CyberArk Software (NASDAQ: CYBR), and raised the price target to $55.00 (from $45.00), following the company's 2Q earnings report. CYBR reported revenue of $50.4mn and adjusted EPS of $0.29, compared with the Street revenue estimates of 48.3mn and adjusted EPS estimates of 0.20.
Analyst Michael Kim commented, "We are maintaining our In-Line rating on CYBR shares and raising our one-year price target to $55 from $45 based on our higher outlook. Our price target implies potential upside of 6% above recent levels. We believe CYBR is strongly capitalizing on expanding market awareness for privileged account security (PAS) and increasing share of information technology budgets. We see continued strong growth from “greenfield” opportunities, as well as follow-on sales to existing customers for multiple products. Of particular note, we believe CYBR is gaining early penetration into endpoints through the Viewfinity acquisition, which reached about 20% of new transactions in 2Q16."
Shares of CyberArk Software closed at $51.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Definitive Agreement, Imperial Capital
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