CyberArk Software (CYBR) PT Raised to $220 at Mizuho Securities

Mizuho Securities analyst Gregg Moskowitz raised the price target on CyberArk Software (NASDAQ: CYBR) to $220.00 (from $200.00) while maintaining a Buy rating.

The analyst commented, "CYBR reported a strong 3Q, led by ARR growth of 38% Y/Y that meaningfully exceeded our and the Street's 34% forecast. Mgmt also considerably outperformed its bookings expectations and referenced an acceleration in demand for its solutions. Moreover, 3Q subscription bookings mix was 72%, up from 65% in 2Q (and 51% in 1Q), and clearly indicative of an accelerating transition to a recurring revenue model that can drive stronger financials and visibility. We continue to see CYBR as one of the primary beneficiaries of the recent spate of mega-breaches that has amplified the need for privileged access management. We reiterate our Buy rating, and raise our PT to $220 (was $200)."

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