CyberArk Software (CYBR) PT Raised to $500 at Mizuho

Mizuho analyst Gregg Moskowitz raised the price target on CyberArk Software (NASDAQ: CYBR) to $500.00 (from $450.00) while maintaining a Outperform rating.

The analyst commented: "In conjunction with today's acquisition announcement, CYBR released 2Q results. Total ARR of ~$1.275B grew 47% Y/Y, comfortably above the Street's ~$1.25B forecast (+44%). Margins also well exceeded Street estimates. Given the proposed transaction, CYBR will not host its quarterly earnings call and has revoked guidance.

We believe PANW is acquiring a phenomenal asset at a very reasonable price (~14-15x CY26E ARR), although we're somewhat surprised CYBR didn't command an even higher premium. The transaction is expected to close in PANW's F2H26 (July FYE), and we're not anticipating any significant regulatory issues. Meanwhile, we cannot rule out a competitive bid, although it seems unlikely at this time. Finally, with CYBR's value now tied to PANW (Outperform, $210 PT), we raise our target to $500 (was $450 PT)."

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