CyberArk (CYBR) PT Lifted to $57 at Nomura Following 'Beat and Raise' Q2

Nomura Securities analyst Frederick Grieb raised his price target on CyberArk Software (NASDAQ: CYBR) to $57.00 (from $50.00) following 'beat and raise' Q2 but maintained a Neutral rating on valuation.

Grieb commented, "CyberArk reported Q2’15 revenue of $36.4mn, representing growth of 70% y/y versus the Street estimate of 51% y/y. If we normalized for new product revenue deferred out of Q2 last year, we arrive at revenue growth of ~52%. License revenues grew 100% y/y in the quarter (~66% on a normalized basis), a slight deceleration from the 119% y/y growth reported in the March quarter (81% normalized). 2Q’15 results were strong and consistent with our view regarding the current, robust demand environment. Additionally, FY’15 revenue guidance was raised above consensus. We remain Neutral rated with a $57 target price (up from $50, previously) based on valuation."

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 $58.93 yesterday.

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