CyberArk price target raised to $323 from $300 at Guggenheim

Guggenheim raised the firm’s price target on CyberArk to $323 from $300 and keeps a Buy rating on the shares. The IT spending environment has remained consistent with recent levels, which are not bad but are about half of what they are in “normalized” periods, the analyst tells investors. Additionally, the firm believes investors have become overly optimistic of the growth in IT spending and estimates current IT spending reflects the digestion of excess spending. CyberArk is a name that is “set up well” for the year, the firm believes.