Analyst Andrew Nowinski of Wells Fargo reiterated a Buy rating on CyberArk Software (CYBR – Research Report), retaining the price target of $500.00.
Andrew Nowinski has given his Buy rating due to a combination of factors that highlight CyberArk Software’s strong growth potential and market position. The company presented impressive financial targets for 2028, with expectations of significant growth in annual recurring revenue and free cash flow, demonstrating a robust business model. CyberArk’s comprehensive identity platform, which covers both human and machine identities, positions it uniquely in the market, suggesting potential for increased market share as demand for such solutions grows.
Moreover, the company’s total addressable market has expanded to $80 billion, partly due to strategic acquisitions and advancements in artificial intelligence. The growth trajectory is further supported by the increasing number of large customers, with significant increases in spending and annual recurring revenue from these clients. Additionally, CyberArk’s broadening product portfolio and the potential to tap into a vast number of prospective customers underscore the company’s promising future prospects.
In another report released today, Barclays also maintained a Buy rating on the stock with a $450.00 price target.