DA Davidson analyst Rudy Kessinger lowered the price target on CyberArk Software (NASDAQ: CYBR) to $275.00 (from $300.00) while maintaining a Buy rating.

The analyst comments "CYBR delivered upside across the board in Q1, though ARR upside was more modest vs. past quarters while Op Profit & FCF upside was much more significant. The same held true in the revised CY24 guide, as the ARR growth outlook was nudged up from +25-27% Y/Y to +26-28% Y/Y while the FCF margin guide was raised from 9-10% to 12-13%. All things considered, the qtr. & CY24 guidance revision were strong, and CYBR continues to solidify their position as the leading identity security platform. We continue to see upside to estimates as likely as we move though the year. We remain BUY rated: lowering PT from $300 to $275."