Nomura Securities Reiterates Buy on CyberArk Software (CYBR) - PT to $62

Nomura Securities reiterated a Buy rating on CyberArk Software (NASDAQ: CYBR), and raised the price target to $62.00 (from $60.00). Over the last 3 quarters, CyberArk has reported license revenue growth rates in the 35-38% yoy range. Nomura estimates that the September 2015 quarter also saw extremely strong growth in license revenue on a yoy basis (adjusting for deferrals) of 117%. This will create a very difficult compare for CyberArk in the current quarter.

Analyst Frederick Grieb commented, "Despite a tough compare (on an adjusted basis) in 3Q’16 we are positive on CyberArk, as the company is a key beneficiary of the current wave of increased Privileged Account Management spend and is positioned as the leader in this space. CyberArk continues to grow rapidly (39% yoy revenue growth in 2Q’16), and we expect solid growth to continue, given our estimate that the company has penetrated less than 5% of its total addressable market. Compares should ease in the December 2016 quarter, accelerating growth, and we believe CyberArk is attractively valued at 6.5x CY’17 revenues. We continue to rate the stock Buy with a $62 Target Price (up from $60, previously)."

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

Shares of CyberArk Software closed at $55.38 yesterday.

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