CyberArk initiated with an Outperform at RBC Capital

RBC Capital analyst Matthew Hedberg initiated coverage of CyberArk with an Outperform rating and $328 price target. The firm calls CyberArk a top mid-cap cybersecurity idea. The company is in a good position to consolidate identity spending and maintain durable and increasingly profitable growth as identity security spending remains a top priority, the analyst tells investors in a research note. As CyberArk emerged from the subscription transition, its profitability is biased upward, contends RBC.