Kingsley Crane, an analyst from Canaccord Genuity, maintained the Buy rating on CyberArk Software (CYBR – Research Report). The associated price target remains the same with $440.00.
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Kingsley Crane has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong market position and growth potential. The company demonstrated impressive performance in Q1, with significant year-over-year growth in both ARR and subscription ARR, alongside solid EBIT margins. This growth was bolstered by the successful integration of Venafi, which has enhanced CyberArk’s capabilities in machine identity, a crucial area for strategic sales, particularly in the EMEA market.
Furthermore, the ongoing demand for modern identity security platforms, driven by the increasing frequency of security breaches, positions CyberArk favorably. The company’s leading role in PAM and its expansion into related areas like endpoint privilege and secrets management give it a competitive edge over rivals. The synergy between CyberArk and Venafi is expected to drive further growth, supported by strong market trends and the potential to tap into emerging opportunities in AI. These factors contribute to the optimistic outlook and justify the Buy rating, with a price target of $440.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $425.00 price target.