Analyst Fatima Boolani of Citi maintained a Buy rating on CyberArk Software (CYBR – Research Report), retaining the price target of $410.00.
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Fatima Boolani’s rating is based on a combination of factors that highlight CyberArk Software’s strategic positioning and growth potential. The company has shown strong performance in its latest earnings report, exceeding high expectations and providing a solid initial guidance. This positive outlook is further reinforced by insights from a discussion with the CFO, highlighting the increasing trend of customers co-terming with SaaS expansions, which, despite affecting financial metrics like duration, indicates strong demand and customer commitment.
Moreover, CyberArk’s growing brand equity is playing a significant role in accelerating pipeline conversions, even increasing deal sizes in some cases. The anticipated increase in Venafi SaaS bookings mix and the contribution of new Zilla IP are expected to enhance the company’s revenue streams, targeting modern use cases and strengthening its collaboration with partners like SailPoint. These strategic moves suggest an optimistic future trajectory, justifying the Buy rating.
According to TipRanks, Boolani is a 5-star analyst with an average return of 20.1% and a 67.27% success rate. Boolani covers the Technology sector, focusing on stocks such as Zscaler, Cloudflare, and CrowdStrike Holdings.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $500.00 price target.