CyberArk Software (CYBR) PT Raised to $89 at Oppenheimer

Oppenheimer analyst Shaul Eyal raised the price target on CyberArk Software (NASDAQ: CYBR) to $89.00 (from $75.00) while maintaining a Outperform rating.

Eyal commented, "CYBR reported strong 3Q18 revenue/EPS metrics, beating consensus estimate ($84.7M vs. $78.8M estimate, up 30.6% YoY) with a notable increase in license revenue of $46.1M (up 29% YoY). At the highest range of CYBR's FY18 guidance, revenue should grow 26.3% YoY, and we attribute the strong performance and outlook to: (1) Notable customer wins (added 200 new logo during 3Q); (2) Recent cloud-related strategy providing customers with the needed agility as well as expanding horizontal growth within its install base; (3) Flawless execution across all geographies; (4) Ongoing benefits from displacement and greenfield opportunities as incumbents are consolidated and relative newcomers see change of control. We are raising our estimates and our PT is elevated to $89 from $75."

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