Oppenheimer remains positive on CyberArk Software (CYBR) Following 2Q15 and Guidance
Oppenheimer reiterated an Outperform rating and $70.00 price target on CyberArk Software (NASDAQ: CYBR) following the company's 2Q15 earnings results. CYBR reported revenues of 36.4M compared to consensus' 32.3M estimates. EPS was reported at $0.19, beating consensus estimates of $0.06. For 3Q15, CYBR guided revenue of $36-37M and EPS of $0.11-0.13.
Analyst Shaul Eyal commented, "CYBR reported strong 2Q15 revenue/EPS metrics beating consensus' estimate ($36.4M vs. $32.3M estimate, up 70.5% YoY) with a notable increase in license revenue of $22.3M (up 100% YoY). At the highest range of CYBR's elevated FY15 guidance, revenue should grow 32% YoY and we attribute this strong performance and outlook to: 1) Security spending acceleration; 2) customers' attraction to CYBR's suite rather than point solution approach; 3) CYBR's ability to upsell into its growing customer base as well as benefit from greenfield opportunities. We are raising our FY15 and FY16 estimates and reiterate our Outperform rating and PT of $70."
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Shares of CyberArk Software closed at $58.93 yesterday.