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Investing.com - Berenberg initiated coverage on Qualys (NASDAQ:QLYS) with a Hold rating and a $165.00 price target on Tuesday. According to InvestingPro data, this target aligns closely with Fair Value estimates, suggesting the stock is slightly undervalued at its current price of $139.46.
The research firm highlighted Qualys’ differentiated approach compared to traditional security vendors, noting that the company focuses on asset discovery rather than post-breach response or network access control.
Berenberg identified Qualys’ cloud-native platform as a key strength, serving as a system of record for visibility, compliance and governance within organizations.
The firm emphasized that Qualys’ platform is deeply integrated into IT service management workflows, enhancing its value proposition for IT managers facing asset discovery challenges.
Berenberg analyst Rahul Chopra established the initial $165 price target, positioning the firm’s outlook on the cybersecurity company as neutral at current valuation levels.
In other recent news, Qualys reported a strong third-quarter performance, achieving a 10% year-over-year revenue growth and a 49% EBITDA margin, surpassing market expectations. The company’s net revenue retention rate remained steady at 104%, despite ongoing upsell pressure. Following these results, UBS and Baird both raised their price targets for Qualys to $150, maintaining a Neutral rating on the stock. Piper Sandler also upgraded Qualys from Underweight to Neutral, citing improved growth prospects and record operating margins as reasons for the upgrade. Additionally, Qualys announced the appointment of Bradford L. Brooks to its Board of Directors, bringing over 30 years of leadership experience in technology and cybersecurity. In another development, Qualys’ Government Platform received FedRAMP High Authorization, sponsored by the U.S. Drug Enforcement Agency, marking the highest security level within the Federal Risk and Authorization Management Program. These recent developments highlight Qualys’ continued growth and strategic advancements in the cybersecurity sector.
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