Matt Dezort, an analyst from Needham, reiterated the Buy rating on CyberArk Software (CYBR – Research Report). The associated price target remains the same with $480.00.
Matt Dezort has given his Buy rating due to a combination of factors that highlight CyberArk Software’s promising growth trajectory. The company has set ambitious financial targets for 2028, aiming for significant annual growth in both annual recurring revenue and total revenue, alongside a strong free cash flow margin. These targets suggest a robust financial outlook and a commitment to operating efficiently under the Rule of 45.
Additionally, CyberArk has expanded its total addressable market to $80 billion, driven by the increasing demand for identity security solutions and the proliferation of machine identities, particularly with the rise of AI. The company’s focus on areas like Identity Governance and Administration (IGA) and the strong growth of Venafi further reinforce its potential for sustained success. These elements combined make CyberArk a compelling investment opportunity, justifying the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $450.00 price target.