CyberArk price target raised to $345 from $300 at Piper Sandler

Piper Sandler raised the firm’s price target on CyberArk (CYBR) to $345 from $300 and keeps an Overweight rating on the shares. The firm notes execution proved strong again in Q3, with results topping guidance ranges as traction with core PAM remains strong while adjacent platform capabilities continue to scale at the same time. Early indications around the potential for Venafi were encouraging in Piper’s view, with management remaining confident in the path to reacceleration for Venafi alongside accretive margins. The firm thinks there will be minimal disruption to momentum from the CFO transition, and believes CyberArk remains uniquely positioned to consolidate spend in Identity heading into 2025. CyberArk remains one of Piper’s top ideas in its coverage.