UPDATE: MKM Partners Starts CyberArk Software (CYBR) at Buy

MKM Partners analyst Catherine Trebnick initiates coverage on CyberArk Software (NASDAQ: CYBR) with a Buy rating and a price target of $190.00.

The analyst comments "The rapid rise in mobile workers, hybrid and multi-cloud adoption, and digitalization of the enterprise are driving enterprise CIOs to place a higher priority on Identity Security, including CyberArk's market-leading PAM. Expect operating margins to improve as their transition to SaaS/Subscription completed earlier than expected. Target $1b ARR by 2025. SaaS ARR grew 133% Y/Y and Subscription revenue grew 144% Y/Y in 2Q22. We view subscription revenue growth accelerating. Shares of CyberArk currently trade at 8x EV/CY23E revenue, at a premium to other Perpetual and Hybrid models. Our $190 price target implies a 10x EV/CY23E revenue multiple compared to its peer group which trades at 7.1x EV/CY23E revenues."

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 $151.57 yesterday.

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