CyberArk Software: Strong Financial Foundation and Strategic Growth Drive Buy RatingWe were also intrigued to learn about a surprisingly successful/maturing inbound lead-gen engine under newish CMO - which is atypical for a company of CYBR's focus/space. Forecasts modulate (topline muted, FCFM up) whilst still leaving upside — new CY28E targets implying muted notional NNARR growth over the next 3 years simply look too conservative, considering CYBR has enjoyed uniquely robust end-demand health (not cyclical like firewalls) thanks to multiple vectors (greater budgetary intensity and prioritization, further easing in competitive-landscape, much-wider portfolio, higher ID volume/variety/velocity sprawl) that we see remaining firmly in place, in CYBR's favor. With our updated model and strong positive upside bias, we're taking our terminal multiples and PT up and reiterating our Buy, recommending CYBR as one of the cleanest, highest-quality names to own in cyber.