CyberArk Software (CYBR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Gray Powell from BTIG reiterated a Buy rating on the stock and has a $425.00 price target.
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Gray Powell has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong performance and promising outlook. The company reported impressive first-quarter results, surpassing both internal and market expectations for annual recurring revenue (ARR), which grew by 28% year-over-year. This performance was the best ARR beat in two years, indicating robust business momentum.
Additionally, CyberArk’s operating income and free cash flow significantly exceeded market predictions, showcasing financial strength. Despite macroeconomic uncertainties, the company has maintained its full-year ARR guidance, reflecting confidence in its growth trajectory. Furthermore, the integration of recent acquisitions like Venafi is progressing well, contributing positively to the company’s top deals. These factors collectively support the Buy rating, as they suggest CyberArk is well-positioned for continued growth and profitability.
In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $450.00 price target.