Truist raised the firm’s price target on CyberArk (CYBR) to $350 from $300 and keeps a Buy rating on the shares. The firm notes the company delivered strong execution in Q3 with upside to Street expectations for ARR, its key performance metric. CyberArk exited Q3 with ARR of $926M, up 31.3% year-over-year, coming in ahead of consensus of $921M. Further, the company raised its FY24 guidance across all metrics, which now includes contribution from the Venafi acquisition. Even on a standalone basis, CyberArk increased guidance across all metrics, Truist adds. Overall, the firm is encouraged by the resilient performance, which reaffirms its belief in the long-term setup for durable growth and margin expansion.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
