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magazineCyber star rising for Sophos
Cyber security solutions supplier Sophos (SOPH) is expected to grow its corporate billings by 16% this year to 31 March 2018 even if it were to win zero new business. That’s according to analysts at broker Numis Securities.
High profile cyber attacks, like the recent WannaCry ransomware event that shut down IT systems that manage parts of the NHS, are sparking a massive rethink about how organisations protect themselves.
For networks and security services specialist Sophos it means more of its existing customers are reaching out for additional defensive solutions, bolstering customer renewal rates and well as providing cross and up sell opportunities.
Last year Sophos reported renewals of 106% as existing clients extended agreements. Many customers are being drawn to the company’s Sophos Central platform, which combines its network and end user security solutions through a single interface, making wider monitoring and analysis of organisation’s IT systems faster and easier.
Numis has raised its target share price from 305p to 544p. Sophos is one of Shares key equity selections, having flagged the investment story on 28 July 2016 at 220p. The stock is currently changing hands for 426.6p. (SF)
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