Barclays Downgrades CyberArk Software (CYBR) to Equalweight

Barclays downgraded CyberArk Software (NASDAQ: CYBR) from Overweight to Equalweight with a price target of $46.00 (from $60.00).

Analyst Saket Kalia offers three reasons for the downgrade:

1. the trendline in growth has been lower than expected, which puts our thesis of 20-25% growth through FY19 at risk;
2. pipeline/competition commentary still sounds positive notwithstanding, so there are more questions than answers; and
3. we believe PAM is still a Greenfield market, so the stock could still perform in line with our coverage.

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 $51.00 yesterday.

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