Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and boosted its price target on CyberArk Software (NASDAQ: CYBR) to $70.00 (from $65.00) after "crushing" estimates in Q1. Eyal said the company is "kicking on all cylinders."

CYBR reported strong 1Q15 revenue/EPS metrics handily crushing consensus' estimate ($32.9M vs. $26.8M estimate, up 89% YoY) with a notable increase in license revenue of $20M (up 119% YoY). At the highest range of CYBR's elevated FY15 guidance, revenue should grow 34% YoY and we attribute this strong performance and outlook to: 1) Accelerating greenfield opportunities; 2) Customers' attraction to CYBR's suite rather than point solution approach; 3) Laser-focused execution; 4) Limited competition. We are raising our FY15 & FY16 estimates and our PT is raised to $70. Identity Access Management (IAM) is no longer the stepchild of the broader security arena and CYBR is currently the sole play in this quickly evolving market.

For FY15, the firm estimates are raised to $137.4M/$0.41 from $128.9M/$0.26. For FY16, estimates are raised to $169.0M/$0.58 from $158.9M/$0.37.

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Shares of CyberArk Software closed at $61.47 yesterday.