- With shares having more than doubled in February as of Friday's close, JPMorgan has downgraded CyberArk (CYBR -11.8%) to Underweight, and is reiterating a $42 target.
- JPMorgan: "Closing at just over $70 the stock is trading at roughly 9.7x our best upside scenario for 2016 revenue that we outline (…) It is not that we think the company cannot reach these estimates, but rather this level of upside appears to already be factored into the stock at these levels."
- Security tech peers FireEye (FEYE -4.4%), Palo Alto Networks (PANW -2.4%), Imperva (IMPV -3.8%), and Vasco (VDSI-OLD -3.1%) are following CyberArk lower. The group has rallied strongly in recent weeks.