CyberArk Software (CYBR) PT Raised to $360 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the price target on CyberArk Software (NASDAQ: CYBR) to $360.00 (from $315.00) while maintaining a Buy rating.

The analyst comments "CYBR delivered another strong qtr. & guidance raise. ARR beat cons. & was +31% Y/Y (NNARR +12% Y/Y) while OMs & FCF margins were both significantly ahead of expectations. Platform selling continues to gain momentum as CYBR's competitive edge continues to widen, evidenced by Workforce IAM now exceeding $100M in ARR. CY24 guidance was raised across the board excluding expected Venafi contribution in Q4 (deal closed 10/1). We see 20%+ ARR growth as durable in CY25 & beyond along with continued margin expansion, making shares still attractive in our view despite the continued outperformance. We remain BUY rated: raising PT from $315 to $360."

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