Mizuho Securities analyst Gregg Moskowitz raised the price target on CyberArk Software (NASDAQ: CYBR) to $128.00 (from $123.00) while maintaining a Buy rating.

The analyst commented, "CYBR reported a good 2Q, with revenue and EPS meaningfully exceeding consensus estimates. In addition, billings were much stronger than the Street was anticipating. While we recognize that the shares had rallied 16% over the past month, we believe today's 7% intraday sell-off is a clear overreaction, particularly given a significant mix shift to recurring revenue. Looking forward, we see a positive risk/reward for the shares. We reiterate our view that CYBR is the clear leader in privileged account security, a critical space within the cybersecurity landscape. We modestly raise our PT to $128 (from $123)."