Needham & Company Reiterates Buy on Imperva (IMPV) Following Analyst Day.

Needham & Company reiterated a Buy rating and $88.00 price target on Imperva (NYSE: IMPV) following an analyst day. Scott Zeller believes that Bettencourt has made great strides in simplifying the company message, and has also improved sales execution.

Zeller commented, "The analyst day for Imperva was a constructive event. We were very impressed with CEO Anthony Bettencourt, who joined mid-CY14, and has brought several staff with him, including Michael Mooney, Chief Revenue Officer. The IMPV product story is complex, yet we believe Bettencourt has made great strides in simplifying the company message, and has also improved sales execution. Financial guidance from the JuneQ call was reiterated, and we believe IMPV has strong momentum. Two datapoints jumped out at us in the presentation: IMPV has only 9% of the Fortune1000 as customers (lots of upside for future), and sales cycles and pricing have improved on the Database offering, as it increasingly is a “security purchase” rather than “compliance”. Reiterate BUY, no change to estimates. Our $88 target is 9x EV/CY16 revenue."

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

Shares of Imperva closed at $62.67 yesterday.

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