Rosenblatt Securities analyst Yun Kim initiated coverage with a Hold rating on Qualys (QLYS) today and set a price target of $85. The company’s shares closed last Monday at $79.35.
Kim said:
“We are initiating coverage of QLYS with a Neutral rating. All metrics currently show positive trends around the adoption rate of its Cloud Agents and the Cloud Platform, and even the attach rate of its Cloud Apps show a positive trend. However, its total revenue growth has decelerated over the past three quarters to mid-teens, increasing the risk that it may not achieve its 2021 target revenue growth in the low-to-mid 20s. We also believe that QLYS is undergoing a risky sales transition as it shifts its sales efforts to target C-level executives to better leverage its platform-based growth strategy. This is different from its traditional sales approach that primarily targeted security technicians.”
According to TipRanks.com, Kim is a 5-star analyst with an average return of 18.8% and a 68.8% success rate. Kim covers the Technology sector, focusing on stocks such as Manhattan Associates, Mimecast Ltd, and Alteryx Inc.
Qualys has an analyst consensus of Moderate Buy, with a price target consensus of $94.50.
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Based on Qualys’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $16.23 million. In comparison, last year the company had a net profit of $10.29 million.
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Qualys, Inc. engages in the provision of cloud security and compliance solutions. Its products enable organizations to identify security risks to information technology infrastructures; help protect information technology systems and applications from cyber attacks; and achieve compliance with internal policies and external regulations.
