CyberArk's (CYBR) Priced Target Raised to $72 at Dougherty Following Strong Q2 Results

Dougherty & Co maintained a Buy rating on CyberArk Software (NASDAQ: CYBR) and raised its price target to $72.00 (from $70.00). In the view of analyst Catharine Trebnick, CyberArk 'crushed' earnings.

"CyberArk Software Ltd. reported a strong Q2 performance that jumped the share price in after-hours trading. CyberArk’s gains were not primarily driven from any specific area, instead the strength of their products and increased demand drove purchases from all sectors/regions. CyberArk printed $36.4M (+70% Y/Y) in total revenue which exceeded our/Street expectations and management's guidance," said Trebnick.

"Revenue performance lifted non-GAAP EPS to $0.19, which handily beat Street estimates by 13 cents. FY’15 guidance was raised uniformly on the print. Quarterly performance was attributed to continued growth in licensing revenue, expansion of product purchases across current customers and increased demand for Privileged Access Management (PAM) products following the Office of Personnel Management and Anthem breaches. We continue to be bullish on their products and early market positioning in the PAM segment. As one of the fastest growing security companies and one of the few profitable emerging players in the sector, we believe their hyper-growth justifies the high valuation multiples that have concerned certain investors," added the analyst.

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 $58.93 yesterday.

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