On Nov 15, major Wall Street analysts update their ratings for $CyberArk (CYBR.US)$, with price targets ranging from $325 to $360.
BofA Securities analyst Madeline Brooks maintains with a buy rating, and adjusts the target price from $335 to $355.
Jefferies analyst Joseph Gallo maintains with a buy rating, and adjusts the target price from $330 to $340.
Oppenheimer analyst Ittai Kidron maintains with a buy rating, and adjusts the target price from $310 to $360.
Stifel analyst Adam Borg maintains with a buy rating, and adjusts the target price from $306 to $335.
Wedbush analyst Daniel Ives maintains with a buy rating, and maintains the target price at $325.
Furthermore, according to the comprehensive report, the opinions of $CyberArk (CYBR.US)$'s main analysts recently are as follows:
The firm acknowledges CyberArk's 'another strong quarter of outperformance.' Despite beliefs that the stock's current valuation is reflective of high expectations, there remains confidence in CyberArk's consistent delivery of strong results. The firm's revised estimates take into account the updated guidance from the company's management, which incorporates the completion of the Venafi acquisition.
The company surpassed the third quarter's net new annual recurring revenue expectations and increased its forecast for fiscal 2024 free cash flow, according to an analyst.
The company's third-quarter performance was noted for its subscription and overall revenue growth, alongside the completion of a significant acquisition. There were numerous positive aspects observed, and anticipation is building for the potential cross-selling opportunities that could arise from this acquisition.
Following 'another strong quarter' that surpassed expectations in Q3 ARR, revenue, and profitability, confidence remains high in CyberArk's capability to secure a wider range of personas and capitalize on several long-term positive trends. Although CyberArk announced the departure of their long-time CFO Josh Siegel at the year's end, the anticipated succession by the experienced SVP of IR and Finance, Erica Smith, is expected to ensure a seamless transition.
Following a robust third-quarter performance in annual recurring revenue and a strong organic outlook for the fourth quarter, analysts maintain a positive stance on CyberArk. The company is believed to have further growth potential in Privileged Access Management (PAM) and is well-positioned competitively, particularly after its acquisition of a company in the secrets management space. There are also perceived opportunities for enhancing security measures on existing Single Sign-On/Multi-Factor Authentication platforms. Analysts are optimistic about CyberArk's ability to bolster the growth of a recent acquisition in the machine identity protection space with its increased go-to-market resources and the general market momentum for TLS certificate management. Nonetheless, there are still reservations regarding the total addressable market for certificate management, the integration with its secrets management solution, and the evolving competitive landscape involving major cloud providers and other tech companies.
Here are the latest investment ratings and price targets for $CyberArk (CYBR.US)$ from 10 analysts:
Note:
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