CyberArk price target raised to $300 from $215 at DA Davidson

DA Davidson raised the firm’s price target on CyberArk to $300 from $215 and keeps a Buy rating on the shares. The company “crushed” Q4 estimates and offered a “strong” 2024 outlook, the analyst tells investors in a research note. CyberArk’s Workforce IAM, Secrets Management, and Secure Cloud Access continue to gain traction and see increasing attach rates as its market leadership position in identity continues to improve, the firm added.