Shares of identity security company CyberArk Software (NASDAQ:CYBR) gained over 2% on Friday after investment firm Wedbush Securities reiterated its confidence in the stock and the company’s capabilities to weather a stormy environment.
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Indeed, Wedbush analysts, led by Daniel Ives, said that they are particularly confident in the company following its Q3 report, which they described as a “robust quarter.” According to Ives, CyberArk’s strong revenue was aided by sustained demand for its business despite murky macro conditions while effectively managing its shift to a subscription-based business.
Earlier on Friday, CyberArk reported earnings of $0.42 and revenue of $191.2 million, both of which exceeded analysts’ expectations. Furthermore, management projected fourth-quarter revenue in the range of $206.5 million – $211.5 million compared to a consensus estimate of $209.33 million.
Wedbush kept its Outperform rating on CyberArk and increased its price target to $200 from $185 in anticipation of stronger performance in the future.
What is CYBR Stock’s Price Target?
With 11 Buys and two Hold ratings, CYBR commands a Strong Buy consensus rating on TipRanks. The average CYBR stock price target of $193.77 implies 9.46% upside potential from current levels. Meanwhile, CYBR stock has gained 37.35% so far this year.
