On Tuesday, Cyberark Software Ltd (NASDAQ:CYBR) posted second-quarter results that outclassed both consensus revenue and EPS expectations. On the back of the beat, Oppeneheimer top analyst Shaul Eyal reiterates an Outperform rating on CYBR with a $60 price target, marking a 16% increase from where the stock is currently trading.

CYBR closed the quarter with revenue of $50.4 million, coming in above the Street’s projection of $48.2 million. The security software firm also reported earnings per share (EPS) of $0.29, above the Street’s EPS estimate of $0.20.

Eval attributes the solid results to the driving momentum of Cyberark’s partnership with Hewlett Packard Enterprise (HPE) with the offering of Privileged Account Management (PAM), a platform to help customers mitigate higher risks associated with privileged accounts while enforcing security. Thanks to the healthy demand for the platform as well as ongoing operating cost discipline, the analyst believes Cyberark was then able to realize solid performances across the board.

Eval notes, “We believe CYBR’s expanding product line is complimenting recent trends (e.g. ransomware), including the recent (8/8) announcement of the compatibility of Privileged Access Security Solutions with cloud environments—which we view as a long-term driver. We remain attracted to the company’s greenfield opportunities and would be taking advantage of every near term blip to grow positions.”

Moreover, Eval concludes, “With strong business momentum and an intact competitive landscape we believe CYBR could continue to deliver strong performance in a market driven by greenfield and displacements opportunities.”

According to TipRanks, top five-star analyst Shaul Eval is ranked #80 out of 4,110 analyts. Eval upholds a 60% success rate and yields 10.6% in his yearly returns. When recommending CYBR, Eval earns 8.7% in average profits on the stock.

TipRanks analytics exhibit CYBR as a Strong Buy. Based on 9 analysts polled in the last 3 months, 7 rate a Buy while 2 maintain a Hold. The 12-month average price target is $57.11, marking a 10% upside from where the shares last closed.

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