CyberArk price target raised to $350 from $300 at Wells Fargo

Wells Fargo analyst Andrew Nowinski raised the firm’s price target on CyberArk (CYBR) to $350 from $300 and keeps an Overweight rating on the shares. The firm notes that after trading up pre-market, CyberArk sold off about 1% throughout the day despite reporting solid results. With the Venafi acquisition now closed, Wells believes the company can maintain low-20s ARR growth and free cash flow margin, above the Rule of 40.