CyberArk Software (CYBR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Matt Dezort from Needham maintained a Buy rating on the stock and has a $480.00 price target.
Matt Dezort has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong market position and growth potential. He emphasizes the resilient demand for Privileged Access Management (PAM) solutions, particularly in the enterprise sector, which remains in the early stages of maturity. This suggests significant room for growth as organizations continue to develop their PAM deployments.
Additionally, Dezort points to CyberArk’s strategic acquisition of Venafi, a leader in Machine Identity Management, as a key factor. The acquisition is well-timed with recent changes in certificate lifecycle management by major tech companies and the rapid increase in digital identities due to cloud adoption. These developments create a favorable environment for CyberArk to capitalize on new opportunities, reinforcing the Buy rating.
In another report released on March 17, D.A. Davidson also reiterated a Buy rating on the stock with a $475.00 price target.