Needham & Company analyst Scott Zeller trimmed his price target on LifeLock (NYSE: LOCK) to $21.00 (from $23.00) despite "solid" Q1 results and maintained a Buy rating.

Zeller commented, "LifeLock was another beat and raise (narrow beat) with subscription revenue +25% y/y, strong for a recurring revenue company. New customer adds, at 421,000 were +22% y/y and +67% q/q. Investors will likely be impressed with the customer additions, yet also may focus on COA of $176 (up from $174 DecQ) and a slight downtick in ARPU to $11.38, down from $11.43 in DecQ. At a high level, LOCK had a very strong quarter for adds, driven by Anthem and customer awareness; advertising is shifting to “general” advertising (national markets) and the spike in 30-day trial members impacted ARPU (less lucrative customer). Premium attach rate remained above 40%, consistent with recent quarters. Our CY15 estimates are inching up, and CY16 is unchanged. Maintain BUY, new target $21, which is 2.5x EV/CY16 revenue."

The firm's CY15 goes from $587m and $0.66 EPS up to $591m and $0.67 EPS. CY16 unchanged at $708m and $0.94 EPS.

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

Shares of LifeLock closed at $14.64 yesterday.