Imperial Capital Upgrades CyberArk Software (CYBR) to Outperform; Strong License Revenue Growth
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Imperial Capital upgraded CyberArk Software (NASDAQ: CYBR) from In-Line to Outperform with a price target of $55.00, citing strong momentum.
Analyst Michael Kim commented, "Our price target implies potential upside of 15% above recent levels. We are impressed with the company’s consistently strong license revenue growth, which we think reflects expanding market awareness for privileged account security (PAS) and CYBR’s early leadership position. We anticipate continued gains in wallet share of information technology budgets and significant growth from “greenfield” opportunities, as well as expansion from add-on sales to existing customers. In addition, we highlight management’s focus on operational discipline, with profitable growth and cash flow margins at the upper end of comparable companies in the security sector. We look for potential upside from increasing penetration into endpoints through the Viewfinity acquisition and key vertical markets such as the public sector. We believe investors could become increasingly constructive on the stock as the company gains greater scale and achieves broader adoption of its newer offerings (e.g., Application Identity Manager, Privileged Threat Analytics, Viewfinity)."
Shares of CyberArk Software closed at $47.73 yesterday.
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Related EntitiesDefinitive Agreement, Imperial Capital
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