Fri, Oct. 30, 12:15 PM
- Imperva (NYSE:IMPV) beat Q3 estimates and forecast Q4 revenue of $66M-$68M and EPS of $0.10-$0.16, above a consensus of $62.3M and -$0.06. Moreover, on the earnings call (transcript), the Web app firewall and database security software vendor set initial 2016 revenue growth guidance of "at least 25%," above a 24% consensus. (earnings release)
- With strong corporate IT security spend providing a lift, product/license revenue rose 55% Y/Y in Q3 to $30.5M, and services revenue 43% to $32.9M. Within services, subscription revenue grew 93% to $12.3M. $100K+ deals rose to 130 from 106 a year ago. 188 new customers were added, and Fortune 1000 penetration stands at 13%.
- The Americas (revenue +86% Y/Y) are driving most of Imperva's growth. EMEA (revenue +9%, hurt by a weak euro) and Asia-Pac (-3%) are softer. Opreating expenses (non-GAAP) rose 23% Y/Y to $28.5M, falling to 45% of revenue from 54% a year ago.
- Next-gen firewall leader Palo Alto Networks (PANW +2.5%), privileged account security software leader CyberArk (CYBR +4.4%), SaaS threat-protection/compliance software vendor Proofpoint (PFPT +3.4%), and security/storage appliance vendor Barracuda (CUDA +3.2%) are following Imperva higher. The Nasdaq is nearly flat.
- CyberArk reports on Nov. 5; Proofpoint delivered a Q3 beat and strong guidance last week. Barracuda directly competes with Imperva in the Web app firewall market, while Palo Alto's next-gen firewalls indirectly compete.
Wed, Oct. 21, 6:57 PM
- Proofpoint (NASDAQ:PFPT) has risen to $62.50 after hours after beating Q3 estimates and reporting billings of $85M (+37% Y/Y), above revenue of $69.1M, and above guidance of $76M-$78M.
- Q4 guidance is for revenue of $72.5M-$73.5M and EPS of -$0.11 to -$0.12 vs. a consensus of $70.6M and -$0.10. Billings are expected to total $90M-$92M. Also: Proofpoint used its earnings call to set an initial 2016 revenue growth guidance range of 29%-30%, above a 27% consensus.
- GAAP operating expenses rose 52% Y/Y to $70M, with $40.1M spent on sales/marketing. With billings topping revenue, free cash flow was $16.2M in spite of a $2.5M net loss.
- Security software peer Imperva (NYSE:IMPV) is up 1.7%. Both Proofpoint and Imperva sold off in regular trading as part of a broader cybersecurity stock rout.
- Q3 results, PR
Wed, Oct. 21, 4:09 PM
Tue, Oct. 20, 5:35 PM| Tue, Oct. 20, 5:35 PM | 7 Comments
Thu, Jul. 23, 4:08 PM
Wed, Jul. 22, 5:35 PM
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Tue, May 5, 10:32 AM
- Though Qualys (QLYS -28.8%) beat Q1 EPS estimates and only slightly missed on revenue, it's guiding for Q2 revenue of $39.5M-$40M and EPS of $0.09-$0.11, below a consensus of $40.7M and $0.13. Full-year guidance is for revenue of $165M-$166.5M and EPS of $0.50-$0.55 vs. a consensus of $168.4M and $0.53.
- Security tech peers are underperforming (HACK -2.9%) amid a 0.8% drop for the Nasdaq. Decliners include CyberArk (CYBR -3.6%), FireEye (FEYE -2.5%), Palo Alto Networks (PANW -2.9%), Proofpoint (PFPT -3.8%), and AVG (AVG -2.3%).
- Discussing its light full-year outlook, Qualys says it now expects "a lower growth rate for our Vulnerability Management business than we did at the beginning of 2015" The growth rate for other products is said to be unchanged.
- On the CC (transcript), Qualys noted Vulnerability Management (provides cloud-based tools for detecting and fixing IT vulnerabilities) still accounts for nearly 80% of revenue, and that business' Y/Y sales growth slipped to 19% in Q1 from 20% in Q4 thanks to "the timing of a few large enterprise deals." With shares up over 3x from their 52-week lows going into earnings, there was little margin for error.
- Baird has gone contrarian and upgraded Qualys to Outperform following the rout. Baird, which maintains a $50 target, sees new products/services will boost growth. Qualys launched a cloud-based IT asset monitoring service last month, as well as a service for securing Web apps.
- FireEye and CyberArk are giving back some of the big Friday gains seen following FireEye's Q1 beat and full-year guidance hike.
Wed, Apr. 22, 12:56 AM
- Proofpoint (NASDAQ:PFPT) is guiding for Q2 revenue of $60M-$61M and full-year revenue of $250M-$252M, above consensus estimates of $59.8M and $248.5M, and Q2 EPS guidance is at -$0.09 to -$0.10 and full-year guidance at -$0.37 to -$0.40, mostly below consensus estimates of -$0.09 and -$0.34.
- Heavy spending continues to pressure EPS: GAAP operating expenses rose 39% Y/Y in Q1 to $56M. As is the case for many growth-stage enterprise tech companies, sales/marketing spend (+44% to $32.9M) is aggressive.
- On the bright side, Q1 billings totaled $66.4M, +42% Y/Y, well above revenue of $57.8M, and topping guidance of $61M-$63M. Q2 billings guidance (possibly conservative) is at $65M-$67M; full-year billings guidance has been hiked by $4M to $292M-$296M. Full-year free cash flow guidance remains at $20M-$25M.
- On the CC (transcript), CEO Gary Steele stated sales of Proofpoint's cloud-based Targeted Attack Protection (TAP) software rose over 100% Y/Y thanks to strong corporate interest in malware-protection offerings following high-profile hacks. Strong demand was also reported for Proofpoint's Threat Response software.
- Shares fell to $56.95 in AH trading.
- Q1 results, PR
Tue, Apr. 21, 4:11 PM
Tue, Apr. 21, 1:35 PM
- Security tech firms are rallying once again (HACK +2.3%) after unified threat management (UTM) hardware leader Fortinet (FTNT +9.6%) beat Q1 estimates on the back of 36% Y/Y billings growth, and provided strong Q2 and full-year sales/billings guidance. At least 8 firms have hiked their Fortinet targets in response to the numbers, which followed a Q1 beat and in-line guidance from firewall vendor Check Point.
- In addition to FireEye, which announced an HP partnership this morning (follows a Check Point partnership), gainers include Palo Alto Networks (PANW +4.8%), CyberArk (CYBR +5.1%), Barracuda Networks (CUDA +5.1%), Qualys (QLYS +4.7%), Imperva (IMPV +2.2%), Proofpoint (PFPT +2.6%), and Zix (ZIXI +3.5%). Proofpoint and Zix report after the close, Barracuda on April 27, Qualys and Imperva on May 5, and CyberArk on May 7.
- "Fortinet is ... benefiting from a favorable security environment and increasing opportunity to sell to organizations that are building a multilayered approach to security," observes William Blair in remarks that also have implications for peers. "U.S. enterprise growth was 70% year-over-year with the company adding a total of 8,000 new customers, suggesting increasing traction." FBR (a long-time security tech bull) sees profit growth (currently pressured by heavy spending) improving as sales/marketing investments pay off.
- On the CC (transcript), CEO Ken Xie asserted Fortinet's ability to offer an integrated security platform covering "internal, data center, perimeter, and endpoint security plus advanced threat protection" was a differentiator. CFO Andrew Del Matto claimed FortiGate UTM/next-gen firewall appliance deals were over Palo Alto, Check Point, Cisco, and Juniper; those companies, of course, might claim wins of their own.
Mon, Apr. 20, 5:35 PM
Fri, Jan. 30, 9:39 AM
- In addition to topping Q4 estimates, Proofpoint (NASDAQ:PFPT) has guided for Q1 revenue of $56M-$57M (above a $54.3M consensus) and full-year revenue of $245M-$247M (above a $242.5M consensus). Q1 EPS guidance of -$0.08 to -$0.09 is above a -$0.11 consensus, but (due to aggressive spending) full-year guidance is at -$0.36 to -$0.38 (below a -$0.29 consensus).
- Q1 and full-year billings guidance is respectively at $61M-$63M and $288M-$292M. Q4 billings totaled $74.9M, +53% Y/Y and well above guidance of $63M-$64M. Full-year free cash flow guidance is at $20M-$25M.
- GAAP operating expenses rose 31% Y/Y in Q4 to $51.2M. The deferred revenue balance at quarter's end stood at $162.7M (+31%).
- Shares are making new 52-week highs in early trading.
- Q4 results, PR
Thu, Jan. 29, 4:24 PM
Wed, Jan. 28, 5:35 PM
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Oct. 23, 2014, 4:15 PM
Oct. 23, 2014, 12:03 PM
- Check Point (CHKP +4.2%) beat Q3 estimates and offered healthy Q4 guidance: Revenue of $395M-$430M and EPS of $0.99-$1.09 vs. a consensus of $410.3M and $1.03.
- Fortinet (FTNT -0.1%) posted a Q3 beat, reported strong billings growth, and issued above-consensus Q4 revenue guidance. EPS guidance was light due to aggressive spending.
- Several security tech peers are outperforming on a day the Nasdaq is up 1.7%. PANW +4.4%. FEYE +4.5%. PFPT +4.9%. QLYS +2.7%. The numbers follow downbeat guidance from IBM, SAP, and VMware, and arguably highlight security's growing share of IT spend.
- Oppenheimer is reiterating an Outperform and $30 target on Fortinet, and notes the company's new billings guidance implies 26% 2014 growth at the midpoint (up from 22%). It thinks the UTM hardware vendor's performance is being driven by strong high-end appliance sales, product refreshes, and the fruits of major sales/marketing investments.
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