DA Davidson analyst Rudy Kessinger raised the firm’s price target on CyberArk (CYBR) to $360 from $315 and keeps a Buy rating on the shares. The company delivered another strong quarter and guidance raise, with annual recurring revenue – ARR – beating consensus and rising 31% as operating margins and free cash flow margins coming significantly ahead of expectations, the analyst tells investors in a research note. Platform selling continues to gain momentum as CyberArk’s competitive edge continues to widen, evidenced by Workforce IAM now exceeding $100M in ARR, the firm added.
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Read More on CYBR:
- CyberArk price target raised to $350 from $300 at Truist
- CyberArk price target raised to $335 from $306 at Stifel
- CyberArk price target raised to $330 from $310 at Canaccord
- CyberArk price target raised to $345 from $300 at Piper Sandler
- CyberArk price target raised to $345 from $320 at Susquehanna
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