Piper Jaffray Starts CyberArk Software (CYBR) at Neutral

Piper Jaffray initiates coverage on CyberArk Software (NASDAQ: CYBR) with a Neutral rating and a price target of $54, which compares to yesterday's close of $62.87.

Analyst Andrew Nowinski commented, "Our thesis is based on four primary factors. First, we believe CyberArk is one of the few vendors that can effectively secure “privileged accounts,” which are essentially “keys to the kingdom.” Second, CyberArk offers one of the most comprehensive platforms in the industry, designed to protect privileged accounts. We also believe the increased adoption of CyberArk’s other products should lead to an acceleration in billings growth. However, our primary concern is that CyberArk’s total addressable market is still small and requires significant education, which could lead to extended sales cycles and lumpy revenue growth."

For an analyst ratings summary and ratings history on CyberArk Software click here. For more ratings news on CyberArk Software click here.

Shares of CyberArk Software closed at $62.87 yesterday.

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