In a report released today, Shaul Eyal from Oppenheimer maintained a Buy rating on FireEye Inc (NASDAQ: FEYE), with a price target of $22. The company’s shares closed yesterday at $18.55, close to its 52-week high of $19.36.
Eyal noted:
“FEYE posted strong 1Q18 results raising FY18 guidance and exceeding consensus estimates for revenue, EPS, billings, and CFFO. The company re-categorized its revenue segments, providing investors with more transparency into the FEYE renewed growth story. During 1Q18, FEYE delivered robust Cloud Subscription & Services billings growth of +62% ($57.1M) driven in part by strong customer traction for its Threat Intelligence offering (in addition to small tailwind from higher average contract length). Ahead of GDPR, FEYE delivered strong performance across the EMEA region (revenues of $34.0M, +34% YoY), though growth was slightly balanced by US softness ($125.9M, +1% YoY). FEYE remains well positioned to benefit from an appliance refresh cycle and cloud momentum. We view the after-hour weakness (-4.5%) as a great buying opportunity. Outperform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 13.9% and a 66.2% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
Currently, the analyst consensus on FireEye Inc is Moderate Buy and the average price target is $20.11, representing an 8.4% upside.
In a report released today, Evercore ISI also maintained a Buy rating on the stock with a $22 price target.
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Based on FireEye Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $199 million and GAAP net loss of $71.83 million. In comparison, last year the company earned revenue of $174 million and had a GAAP net loss of $82.99 million.
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FireEye, Inc. is an intelligence-led security company, which engages in the intelligence-based cybersecurity solutions that allow organizations to prepare for, prevent, respond to and remediate cyber attacks. It operates through the following geographical segments: United States; EMEA; APAC; and Other.
