Oppenheimer Believes Imperva (IMPV) Still Has Room to Grow


In a report released today, Shaul Eyal from Oppenheimer maintained a Buy rating on Imperva (NYSE: IMPV), with a price target of $60. The company’s shares closed on Friday at $51.90, close to its 52-week high of $53.95.

Eyal noted:

“We hosted an investor meeting with and VP of IR, Sunil Shah. Our key takeaways include: (1) IMPV’s recent upper management transition yielding strategic and operational changes are expected to be implemented and realized over the next couple of quarters; (2) We believe FlexProtect is continuing to garner significant traction among customers interested in employing hybrid cloud environments given the versatility of its underlying architecture; (3) We view GDPR and other industry trends (cloud migration dynamics) as a strong tailwind to IMPV’s overall business supporting growth as it weathers upcoming business changes. We believe a multiple expansion of its current 3.3x FY19 rev. valuation (vs. industry’s 6.1x) is feasible and justifiable. Raising PT to $60. Reiterate Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 15.6% and a 67.5% 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 Imperva is Strong Buy and the average price target is $58.60, representing a 12.9% upside.

In a report issued on June 14, Stephens also maintained a Buy rating on the stock with a $67 price target.

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The company has a one-year high of $53.95 and a one-year low of $37.17. Currently, Imperva has an average volume of 326.7K.

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Imperva, Inc. engages in development, marketing, sales, service and support of cyber-security solutions that protect business critical data and applications. Its products include web application security, beach prevention, sharepoint, file, cloud, and data security, platform and industry solutions.

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