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News Breaks
April 11, 2014
08:06 EDTIMPVImperva upgraded at Sterne Agee
As noted earlier, Sterne Agee upgraded Imperva to Buy from Neutral. The firm thinks the company's fundamentals remain solid despite its Q4 miss, and it expects investor sentiment towards the name to improve due to what it sees as the company's compelling products.
News For IMPV From The Last 14 Days
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October 6, 2015
13:26 EDTIMPVRadware plunges after negative Q3 pre-announcement
Shares of cybersecurity and application delivery solutions company Radware (RDWR) are plunging after the company announced preliminary third quarter results that were below previous guidance. WHAT'S NEW: On Monday evening, Radware announced preliminary adjusted earnings per share of 10c, well below its guidance of 23c-24c and analysts' consensus estimates of 24c. Radware also reported preliminary Q3 revenue of $48M, below its prior view of $57M-$59M and analysts' consensus estimates of $57.95M. WHAT'S NOTABLE. On the company's conference call discussing the preliminary results, the company noted that the mix between supporting and subscription sales to product sales was weighted much heavier than usual towards subscription and service contracts. As these sales are recognized over the life of the contract, the company recognized revenue of only $48M for the quarter. The weakness in the quarter came primarily from the U.S. carrier and service provider markets, said Roy Zisapel, the company's chief executive officer. The company noted that several large deals that were expected to be booked at the end of the quarter did not materialize. The company subsequently booked one of those deals and expects to book many of the remaining deals. On the call, the company said it continues to face weakness in China and FX headwinds in Brazil and Russia that impacted revenue. ANALYST TAKE: In a note to investors this morning, Oppenheimer analyst Ittai Kidron downgraded shares of Radware to Perform from Outperform, removing its $23 price target and cutting estimates for 2015 and 2016. The analyst, who put the note out before the conference call, said it suspects "the miss is tied to execution issues related to the inherently lumpy service provider business." Wells Fargo also downgraded Radware to Market Perform from Outperform. PRICE ACTION: Shares of Radware are sliding 21.59% to $13.58 in afternoon trading. OTHERS TO WATCH: Shares of other companies involved in cybersecurity are underperforming the broader market with FireEye (FEYE) down 2.95%, Palo Alto Networks (PANW) sliding 2.39%, Check Point (CHKP) lower by 3.48% and Imperva (IMPV) down 1.85%.
October 2, 2015
15:14 EDTIMPVAs many as 4.6M Scottrade users' data exposed in breach, KrebsonSecurity says
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September 30, 2015
10:33 EDTIMPVBattleground: Analysts agree Barracuda shares 'cheap,' diverge on ratings
The shares of Barracuda Networks (CUDA) are falling after the company reported lower than expected revenue and provided weaker than expected guidance. Research firms Piper Jaffray and JPMorgan both said that the shares are cheap in the wake of their huge decline today, though Piper downgraded the shares and JPMorgan kept an Overweight rating on the stock. Barracuda provides IT security and storage solutions, primarily for small and medium businesses. WHAT'S NEW: Barracuda last night reported second quarter earnings per share of 10c, versus analysts' consensus estimate of 9c. The company's revenue, however, came in at $78.4M, below the consensus outlook of $78.7M. Moreover, the company lowered its fiscal 2016 EPS guidance to 34c-36c from 36c-41c. Analysts' consensus estimate was 39c. Barrcuda cut its full-year revenue guidance to $320M-$323M, from $325M-$330M. Analysts' consensus estimate was $325M. The company said that its Q2 results were negatively impacted by longer sales cycles in its Europe, Middle East, and Africa region and it warned that it "saw some evidence" of slowing growth in the storage market. It also stated that its gross billings came in below its expectations. ANALYST REACTION: Piper Jaffray analyst Andrew Nowinski responded to Barracuda's results by downgrading the stock to Neutral from Overweight. Although Barracuda blamed its lower than expected billings guidance on weakness in its storage business, its security billings increased only by high single digit percentage levels, the analyst stated. The shares are "cheap," but the valuation is not compelling enough to recommend the stock, contends Nowinski, who cut his price target for shares to $20 from $40. Barracuda was also downgraded at Macquarie and at Stephens this morning.Conversely, JPMorgan analyst Sterling Auty called Barracuda shares "too cheap to ignore." The company lowered its billings guidance partly due to worries about slowing storage market growth, as indicated by an industry report released last quarter, said Auty. However, the growth of Barracuda's storage business actually accelerated last quarter, reaching about 25%, the analyst stated. He believes that Barracuda's new guidance reflects the company's efforts to be "prudent." Auty cut his price target on the name to $30 from $42 but kept an Overweight rating on the shares. OTHERS TO WATCH: Other publicly traded companies in the IT security space include Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Barracuda tumbled 33% to $15.90.
September 29, 2015
11:19 EDTIMPVAnalyst rolls out coverage of IT security stocks with mixed view
Research firm Stifel initiated coverage of IT security company Barracuda Networks (CUDA) with a Buy rating and started coverage of another company in the sector, Imperva (IMPV), with a Hold rating in notes to investors this morning. WHAT'S NEW: Barracuda is "an emerging leader" in the small and medium business security and storage sectors and it's poised to replace legacy systems in those markets, Stifel analyst Gur Talpaz wrote. The lower than expected billings reported by the company for the first quarter was "an aberration," according to Talpaz, who predicts its billings growth should accelerate in Q2. Unlike legacy threat management systems, Barracuda's products can be bought individually, on an "as needed" basis, by small and medium businesses, Talpaz explained. More importantly, Barracuda's products allow a single administrator to view the majority of the company's security infrastructure from any location, Talpaz noted. Additionally, Barracuda's storage solutions can be implemented using appliance, cloud or hybrid systems, according to Talpaz, who set a $36 price target on the shares. Imperva is "the clear leader" in the small but fast growing Web Application Firewall, or WAF, market, the analyst stated. However, many companies still don't view WAF systems as necessary, reasoning that they do not have that many Web applications, according to Talpaz. Moreover, competition in the market is intense, as network vendors such as F5 Networks (FFIV) and cloud vendors such as Akamai (AKAM) are competing in the relatively small space, the analyst stated. Talpaz expects Imperva to report strong Q3 results, but heading into 2016, he believes that the company's future profitability is "limited,"while its competitive end markets will create challenges and its valuation leaves little room for error. WHAT'S NOTABLE: Talpaz also initiated coverage of another company in the sector, Qualys (QLYS), with a Hold rating. PRICE ACTION: In late morning trading, Barracuda slipped 1.2% to $24.33, Imperva dropped 3.6% to $63 and Qualys advanced 0.4% to $28.59.
10:00 EDTIMPVOn The Fly: Analyst Initiation Summary
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06:51 EDTIMPVImperva initiated with a Hold at Stifel
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