Nomura Securities Raises PT on CyberArk Software (CYBR) to $50 Following Strong Q1

Nomura Securities maintained a Neutral rating on CyberArk Software (NASDAQ: CYBR) with a price target of $50.00 (from $41.00). CyberArk reported total revenue of $33mn, exceeding Street estimates of $26.8mn. Accelerated growth likely reflects the benefits of growing awareness of the need to secure sensitive information.

Nomura Securities analyst Rick Sherlund comments on CyberArk, saying, "CyberArk had been a slow grower in the security infrastructure market, until cybersecurity breaches recently cast them and their broadening product line onto center stage in the cybersecurity market. Firewall and APT vendors are analogous to locking the windows and doors; CyberArk is a complement, locking key assets in the vault to protect against insiders and others who may get past perimeter defenses. The shares trade at 10.2x cal 2016 estimated revenues, above that of Palo Alto and FireEye but is profitable and cash flow positive. We are Neutral rated and have raised our PT to $50 from $41, which values the company in line with the other two leading cybersecurity vendors at 8x 2016 revenues."

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 $61.47 yesterday.

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