Analyst Mike Cikos of Needham maintained a Buy rating on CyberArk Software, with a price target of $551.00.
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Mike Cikos has given his Buy rating due to a combination of factors, primarily focusing on the strategic acquisition of CyberArk by Palo Alto Networks. The acquisition is valued at approximately $25 billion in equity, with CyberArk shareholders receiving a mix of cash and Palo Alto Networks stock, which suggests a strong valuation of CyberArk’s business.
Additionally, despite a slight miss in Subscription ARR estimates, the forward-looking forecasts and updated price targets reflect a positive outlook. The new price target for CyberArk is linked to Palo Alto Networks’ price target, indicating confidence in the potential synergies and value creation from the merger. These elements collectively underpin the Buy rating, emphasizing the anticipated benefits and strategic alignment from the acquisition.