CyberArk price target raised to $420 from $400 at Cantor Fitzgerald

Cantor Fitzgerald analyst Jonathan Ruykhaver raised the firm’s price target on CyberArk (CYBR) to $420 from $400 and keeps an Overweight rating on the shares. While CyberArk exceeded consensus estimates across all key metrics and raised its full-year operating income and EPS guidance, the stock was down after-hours, likely due to the company not raising its full year annual recurring revenue and free cash flow outlook, the analyst tells investors in a research note. The decline may also reflect cautious macroeconomic commentary, though the company noted it has not seen any direct impacts to date, the firm says.