CyberArk Software (CYBR – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Shrenik Kothari from Robert W. Baird maintained a Buy rating on the stock and has a $295.00 price target.
Shrenik Kothari has given his Buy rating due to a combination of factors including CyberArk Software’s sustained channel momentum and robust pipeline for future growth. Despite a recent dip in investor sentiment and stock performance, Kothari notes the positive feedback from channel partners and the traction gained by new products, such as Secrets Management and Endpoint Privilege Manager, which have secured multiple significant deals. Furthermore, he points out that CyberArk is well-positioned to benefit from heightened demand for Privileged Access Management (PAM) solutions, driven by regulatory requirements and an increase in customer interest following recent security incidents.
Kothari’s optimism also stems from CyberArk’s upcoming financial reporting, where he anticipates the company will exceed expectations and potentially raise its full-year guidance, citing the company’s consistent track record of topping revenue estimates. Additionally, the stock is seen as undervalued compared to peers, trading at a discount despite strong year-over-year growth projections. The combination of an attractive valuation, the potential for upward revisions in guidance, and solid past performance underpins Kothari’s Buy rating for CyberArk Software.
In another report released yesterday, Bank of America Securities also assigned a Buy rating to the stock with a $315.00 price target.
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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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