CyberArk price target raised to $155 from $140 at Wells Fargo

Wells Fargo analyst Andrew Nowinski raised the firm’s price target on CyberArk to $155 from $140 and keeps an Equal Weight rating on the shares. CyberArk reported Q2 results that were modestly above the high end of guidance, though management left the high end of FY23 revenue guidance unchanged, the analyst tells investors in a research note. Management offered positive commentary on momentum and the pipeline, and while the SaaS continues to progress, it is still far from a true SaaS model, the firm says.