Piper Jaffray analyst, Andrew Nowinski, reiterated his Overweight rating on shares of CyberArk Software (NASDAQ: CYBR) after the company reported another good quarter, beating guidance across all metrics. Management also raised FY16 guidance for operating income and EPS, well beyond the magnitude of the beat in Q2.

However, billings and FCF came in below expectations but management still raised FCF margin expectations for FY16. The analyst believes the company is well-positioned to deliver solid beat-and-raise quarters going forward and therefore reiterated the Overweight rating.

The price target is increased to $60 (from $55) on 22.5x EV/CY17 FCF, up from 21x.

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 $55.31 yesterday.