UPDATE: UBS Starts CyberArk Software (CYBR) at Neutral
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(Updated - September 9, 2016 9:09 AM EDT)
UBS initiated coverage on CyberArk Software (NASDAQ: CYBR) with a Neutral rating and a price target of $56. Analyst Fatima Boolani isn't impressed with the stock's valuation.
'CYBR's combo of mid-20% revs growth, mid-20% OPM, and 25%+ FCF margins is admittedly rare, but continued fundamental strength appears discounted in the stock," said Boolani.
The analyst added, "In a backdrop where cybersecurity breaches are continuing apace and increasingly perpetrated with legitimate, high-value credentials, CYBR's core 'vault' and 'surveillance camera' offerings seem precisely the tools to tackle the challenge. Theft of such administrative passwords to launch cyberattacks is insidious by design, as this not only skirts detection by existing security controls, but exploits usually weak, overlooked, and underinvested-in organizational processes of privileged passwords' supervision. CYBR has put a spotlight on this category, but has the valuation to match."
Shares of CyberArk Software closed at $54.87 yesterday.
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