Shares of Cyberark Software Ltd (NASDAQ: CYBR) soared over 13 percent Tuesday amid an upgrade to Outperform by William Blair.
Analysts Jonathan Ho and John Weidemoyer believed the company will benefit from increased spending for cybersecurity which should lead the company to deliver results that are ahead of expectations.
The upgrade was based on valuation as the stock has pulled back “to more reasonable levels” in addition to strong demand for protection against security breaches.
Ho forecasted that Q4 revenue would come in at $27.0 million and proforma earnings at $0.04, $0.01 below consensus. The company will report Q4 earnings on February 12 after the market close.
On the earnings call, the analysts will be looking for details on the 2015 outlook, the adoption rate and awareness of identity management, up-sell opportunities and details on the demand for cybersecurity.
The analyst note concluded that CyberArk is “well positioned to benefit from growing adoption and awareness of the value proposition of privileged threat analytics.”
Cyberark Software Ltd recently traded at $40.68, up 12.72 percent.
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