CyberArk assumed with an Equal Weight at Morgan Stanley

Morgan Stanley assumed coverage of CyberArk (CYBR) with an Equal Weight rating and $390 price target The company, the leading vendor in the “increasingly strategic security market” of Privileged Access Management, is undergoing a SaaS/Subscription transition, muting near-term revenues, says the analyst. The firm sees limited upside to ARR growth and free cash flow margin as an average selling price uplift may be more gradual and cloud hosting cost mix grows, the analyst tells investors.