Analyst Joseph Gallo of Jefferies maintained a Buy rating on CyberArk Software (CYBR – Research Report), with a price target of $315.00.
Joseph Gallo has given CyberArk Software a Buy rating due to a combination of factors including the company’s strong finish in fiscal year 2023, with a particularly robust annual recurring revenue (ARR) growth and an encouraging outlook for 2024. CyberArk’s SaaS bookings have been performing exceedingly well, and the firm’s ARR guidance for the next year is conservative yet optimistic, providing a solid foundation for potential upside throughout the year. Gallo notes that CyberArk has a history of outperforming its initial ARR estimates, further reinforcing his confidence in the company’s financial trajectory and its position within a substantial market.
Additional confidence in CyberArk comes from the company’s strategic moves, like the incorporation of AI through tools such as Copilot, which is expected to expand the company’s total addressable market (TAM) in the future. Gallo also points out that the transition of maintenance to subscription has been aiding ARR growth, with upsells contributing to a significant increase in average selling price (ASP). The broadening of CyberArk’s product suite, including its success with Conjur Cloud and Secrets Management, is also seen as a critical driver for long-term ARR targets. Furthermore, when compared to its high-growth peers, CyberArk’s valuation appears reasonable, strengthening the case for the Buy rating.
In another report released today, D.A. Davidson also maintained a Buy rating on the stock with a $300.00 price target.
CYBR’s price has also changed dramatically for the past six months – from $144.640 to $261.600, which is a 80.86% increase.
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CyberArk Software (CYBR) Company Description:
CyberArk Software Ltd. engages in the development, market, and sale of access security software solutions. It operates through the following geographical segments: United States; Israel; United Kingdom; Europe, the Middle East and Africa; and Other. Its products include core privileged access security, application identity and endpoint privilege manager, and Conjur. The company was founded by Udi Mokady and Alon N. Cohen in 1999 and is headquartered in Petach Tikva, Israel.
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