Shrenik Kothari, an analyst from Robert W. Baird, maintained the Buy rating on CyberArk Software (CYBR – Research Report). The associated price target remains the same with $450.00.
Shrenik Kothari has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong market position and growth potential. The company is expected to report a solid performance in the upcoming quarter, with strong demand for its identity stack consolidation and privileged access management (PAM) solutions. This demand is further amplified by the urgency created by recent security breaches, such as the BeyondTrust incident, which has heightened the need for robust security solutions.
Additionally, CyberArk’s acquisition of Venafi is showing positive results, contributing to the company’s growth through increased cross-selling opportunities and a strengthened market position in machine identity security. Despite facing tough year-over-year comparisons, CyberArk’s execution strength and strategic positioning in the security sector make it a compelling investment. The company’s valuation remains reasonable compared to its peers, and its platform expansion and total addressable market (TAM) tailwinds provide further upside potential, justifying the Buy rating.
In another report released on May 5, Citizens JMP also reiterated a Buy rating on the stock with a $480.00 price target.