Robert W. Baird analyst Shrenik Kothari has maintained their bullish stance on CYBR stock, giving a Buy rating today.
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Shrenik Kothari has given his Buy rating due to a combination of factors that highlight CyberArk Software’s promising outlook. The company is anticipated to benefit from a favorable fourth-quarter setup, with easing year-over-year ARR comparisons. Notably, there is robust demand for CyberArk’s PAM and EPM solutions, with proprietary checks suggesting a potential ARR beat driven by strong organic growth. Furthermore, the firm is poised to capitalize on market opportunities following a breach at BeyondTrust and a lift in the Venafi pipeline.
CyberArk is also set to report its financials against the easiest ARR comparison of the year, which could lead to a strong performance. The company’s impressive track record of surpassing ARR and revenue estimates further reinforces this positive sentiment. Additionally, the integration of Venafi and strategic partnerships, alongside trading at a discount compared to high-growth peers, support the Outperform rating. Overall, these elements suggest a strong potential for continued stock appreciation.
Kothari covers the Technology sector, focusing on stocks such as Fortinet, CyberArk Software, and Okta. According to TipRanks, Kothari has an average return of 30.1% and an 80.00% success rate on recommended stocks.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $440.00 price target.