Analysts Boost Targets On Imperva Citing Outlook

Imperva Inc IMPV soared nearly 16 percent Friday to a 52-week high after the company beat quarterly expectations and appeared to validate its popularity on Wall Street.

At least three analysts boosted price targets on the data security concern, citing its outlook for continued growth.

"The company is seeing maximum momentum" RBC's Matthew Hedberg said, boosting his target 16 percent to $58.

The company is forecasting 2016 revenue growth of 30 percent; Hedberg sees 18 percent.

"The set-up appears favorable," according to Hedberg, who called Imperva's outlook "conservative."

The company on Thursday lowered its 2015 adjusted earnings forecast by 18 percent to $0.70 a share, versus Wall Street's expectation of $0.85 a share.

But Imperva also increased its full-year revenue forecast by 3.5 percent to $204.5 million, compared with analysts' prediction of $197.5 million.

Pacific Crest's Robert Owens increased his target on Imperva by 15 percent to $52 and maintained an Outperform rating.

"It was a clean quarter with an improved outlook," Owens said.

The company is ramping up its sales and marketing staff while laying plans to acquire a cloud-based security company.

"We feel positive about Imperva's growth prospects," Deutsche Bank's Imtiaz Koujalgi said.

Koujalgi increased his target on Imperva by nearly 21 percent to $58, maintaining a Buy rating.

Imperva, which has gained 28 percent in the past three months, traded recently at $51.99, up 15.2 percent.