Jefferies analyst Joseph Gallo maintained a Buy rating on CyberArk Software (CYBR – Research Report) yesterday and set a price target of $430.00.
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Joseph Gallo has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong performance and potential for growth. The company’s annual recurring revenue (ARR) exceeded expectations, growing by 28% year-over-year, which indicates robust demand for its products despite macroeconomic uncertainties. Additionally, CyberArk’s successful cross-selling efforts with Venafi, particularly in the EMEA region, further demonstrate its ability to expand within its existing customer base.
Moreover, CyberArk’s guidance for 2025 remains conservative, yet achievable, with a projected 21% year-over-year growth in ARR. This cautious outlook accounts for potential macroeconomic volatility, even though the company has not experienced any negative impacts so far. The consistent demand for CyberArk’s identity solutions, viewed as essential by customers, along with strong close rates and a healthy pipeline, supports the Buy rating as the company is well-positioned for continued success.
In another report released today, Canaccord Genuity also reiterated a Buy rating on the stock with a $440.00 price target.