William Blair Reiterates Outperform On CyberArk Following Impressive First Quarter As A Public Company


William Blair analyst Jonathan Ho reiterated an Outperform rating on CyberArk Software (NASDAQ:CYBR), as the company delivered strong results for its first quarter as a publicly traded company since its IPO debut in September and exceeded Blair’s expectations for revenue and EPS. No price target was provided.

Ho noted, “We were impressed by the strong results delivered by the company in the quarter, its first as a public company, and expect the stock to open materially higher based on the revenue and EPS outperformance. While some investors will focus on the billings metric and deferred revenue recognition benefit, we believe the company would have outperformed expectations even excluding these items. Still, we continue to view CyberArk as well positioned to benefit from growing adoption and awareness of the value proposition of privileged threat analytics.”

The analyst continued, “While we concede that the stock is not inexpensive, we believe that CyberArk’s direct applicability to combating the APT challenge will help sustain a high multiple. Our expectation is that the stock can continue to rise if the company can consistently exceed expectations and experience greater adoption of its solutions due to increased awareness from recent high-profile breaches.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Ho has a total average return of 7.8% and a 71.4% success rate. Ho is ranked #1253 out of 3372 analysts.

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