Finjan Holdings Inc (FNJN)

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We are Initiating Coverage of a Rapidly Growing Cyber Security Company Finjan Holdings, Inc. (NASDAQ: FNJN)

Good day traders,

We are looking at a company we feel is strong, with good near-mid term potential.

What do Ebay, Ashley Madison, Yahoo, Target, The DNC and JP Morgan Chase all have in common?

They have all had their electronic data compromised!

Every year one billion data records are compromised worldwide

60% of organizations report attackers infiltrated their systems in minutes

70-90% of malware samples collected were unique to the organization



Finjan Holdings, Inc. (NASDAQ: FNJN)

PROFITABLE WITH RAPID REVENUE GROWTH

Finjan Holdings, Inc., through its subsidiaries, operates as a cybersecurity company, providing intellectual property licensing and enforcement services.

The company owns a portfolio of patents related to software and hardware technologies that proactively detect malicious code and thereby protects end users from identity and data theft, spyware, malware, phishing, trojans, and other Web and network threats. Finjan’s proprietary technology focuses on proactively detecting threats to online security by identifying patterns and behavior of online viruses and other malicious code, rather than relying on lists of threats or "signatures" known within the online security industry. This technology allows users to scan and repel the latest, and often unknown, and sometimes polymorphic and metamorphic code threats to network, web, and endpoint security on a real-time proactive basis.

Finjan holds 28 U.S. patents and has 2 U.S. patents pending. All the patents can be viewed at: https://www.finjan.com/technology/patents

Finjan has generated more than $250M in income from the licensing of its intellectual property.

The company issued a press release last week announcing some Q1 financial results. According to Michael Noonan, Finjan CFO:

"Our $25 million in revenues during the first quarter of 2017, surpassed the $18.3 million in revenues for the full year in 2016. Our strong financial performance in 2016 and the first quarter of 2017 has enabled us to pay off our Series A Preferred financing in less than one year. This financial success is a testament to several years of implementing a focused IP licensing and enforcement strategy by our experienced team," said Michael Noonan, Finjan Holdings' CFO. "Looking ahead, we are on track to achieve full year profitability in 2017. With near-term litigation catalysts, a strong licensing pipeline, and recurring revenue through our Finjan Mobile subsidiary, we are well positioned for continued growth and positive cash flow. We look forward to providing shareholders with a more in-depth update after we file our 10Q for the period ending March 31, 2017."

(From 8-K filing dated April 25th, 2017) In other recent news, the company announced a new licensing agreement on April 25th. Its subsidiary Finjan, Inc. closed a Confidential Patent License Agreement with Avira Holding GmbH & Co. KG, a leading security software company that provides antivirus software, Internet Security, Privacy, Identity and Performance tools for computers, smartphones, servers, and networks, headquartered in Tettnang, Germany. The licensing deal is worth $4.9 million payable in 3 increments over the next 2 years.

Finjan's commitment to innovation in the security space continues through its investments which have culminated in the launch of Finjan’s consulting services business, CybeRisk, development of mobile applications through Finjan Mobile and incubation of up-and-coming technology startups pioneering a new generation of security technologies through investment in Jerusalem Venture Partners (JVP) Fund VII's Cyber Labs, having invested alongside other technology companies.

Finjan’s patented technologies are used in specific cyber security technology areas, including endpoint/cloud software, Web gateway/Internet infrastructure, networking equipment markets, and mobile security. The company’s technology scans and repels the latest and unknown threats to network, Web, and endpoint devices on a real-time basis. It also provides investments in cyber security technologies and intellectual property; offers cyber risk and cyber security advisory services; and develops mobile security applications. Finjan Holdings, Inc. was founded in 1997 and is headquartered in East Palo Alto, California.

Finjan Holdings, Inc. is rated by both Zacks Small Cap and B. Riley & Co. Both firms rate the shares a “Strong Buy” with a target price range of $2.75 - $7.78 and a consensus at $2.80 per share.

Finjan is in a dynamic, high growth industry. Their business model of deriving revenue through licensing of their patented technology gives them the unique advantage of a high gross profit margin. The company’s recent move into the mobile cyber security market may create a revenue catalyst in 2017. Given the analysts positive recommendations and the recent news about the huge leap in revenue during Q1, we feel these shares could be poised for good growth in the near-mid term.

Finjan Details and Highlights

Market cap- $43M
Shares outstanding- 23.14M
Shares in the float- 7.28M
Held by insiders- 52.43%
Held by institutions- 27.4%
Cash on hand (MRQ)- $13.68M
Quarterly revenue growth (YOY)- 110%
Gross Profit- 15.35M
EBITDA- 6.7M

Keep in mind these number are based on the most recent quarter filed and according to recent guidance issued by the company they are about to get even better.

Our coverage of Finjan (FNJN) will last at minimum, through the end of this week as we think there is a good possibility of very near term gains. We will also be watching FNJN’s quarterly reports in the coming weeks and months and will most likely have updates throughout 2017 and beyond.


The Team





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