JPMorgan downgrades CyberArk (NASDAQ:CYBR) from Neutral to Overweight and slashes the price target from $63 to $45.
Analyst Sterling Autry cites issues in EMEA execution that surfaced in Q1, drove a large part of the miss, and could take up to a year to correct.
Stephens puts the company’s rating at Equal Weight from Overweight and cuts the price target from $60 to $42.
Analyst Johnathan Ruykhaver notes that the EMEA trouble and declining growth in U.S. might indicate a lack of market demand for CyberArk solutions, a problem that’s particularly concerning with the increases in sales and marketing spending.
Cowen has CyberArk at Market Perform and drops the price target by $10 to $43.
Analyst Gregg Moskowitz says EMEA weakness backed by longer sales cycles that caused Q2 to end without the closure of several large deals.
CyberArk shares are down 18.76% premarket.
Previously: CyberArk drops Q2 revenue in preview, CEO “disappointed”; shares down nearly 18% (July 13)