Robert W. Baird analyst Shrenik Kothari has maintained their bullish stance on CYBR stock, giving a Buy rating on February 20.
Shrenik Kothari’s rating is based on CyberArk Software’s strong position in the identity security market, which is experiencing significant growth. The company has expanded its total addressable market to $80 billion, driven by increasing demand for machine-identity and AI-driven security solutions. CyberArk’s strategic acquisitions, such as Venafi and Zilla Security, have bolstered its leadership in machine identity security and identity governance, respectively, unlocking substantial market opportunities.
Furthermore, CyberArk’s innovative platform, enhanced by the integration of CORA AI, offers advanced automated risk detection and anomaly prevention capabilities, setting it apart from competitors. The company’s effective go-to-market strategies, including account-based targeting and vertical-specific campaigns, have resulted in impressive enterprise deal wins and high customer retention rates. These factors, combined with strong financial targets and customer testimonials highlighting high ROI, underpin Kothari’s Buy rating for CyberArk Software.
According to TipRanks, Kothari is a top 100 analyst with an average return of 28.2% and a 74.50% success rate. Kothari covers the Technology sector, focusing on stocks such as CyberArk Software, Fortinet, and Okta.
In another report released on February 20, Citi also maintained a Buy rating on the stock with a $410.00 price target.