Analyst Gray Powell from BTIG reiterated a Buy rating on CyberArk Software (CYBR – Research Report) and keeping the price target at $485.00.
Gray Powell has given his Buy rating due to a combination of factors that highlight CyberArk Software’s promising growth prospects and strategic initiatives. The company has set ambitious targets for 2028, projecting an annual ARR growth of over 18% and FCF margins of 27%, operating within a Rule of 45 framework. This outlook is supported by strong growth in its core PAM market and an increasing contribution from products outside of PAM, which now account for approximately 50% of subscription ARR and are expanding rapidly.
Additionally, CyberArk’s excitement about the potential of Agentic AI and its strategic acquisition of Zilla in the IGA market present further growth opportunities not yet factored into the long-term outlook. The company has a track record of achieving its targets ahead of schedule, and the ongoing shift towards workforce and machine identity, alongside positive feedback on Secrets Management and opportunities around Venafi, reinforce the expectation of sustained growth. These factors collectively underpin Powell’s confidence in CyberArk’s ability to maintain a low-20s growth rate in the coming years, justifying the Buy rating.
Powell covers the Technology sector, focusing on stocks such as Zscaler, Palo Alto Networks, and CyberArk Software. According to TipRanks, Powell has an average return of 9.8% and a 54.63% success rate on recommended stocks.