tiprankstipranks
CyberArk price target raised to $350 from $300 at Truist
The Fly

CyberArk price target raised to $350 from $300 at Truist

Truist raised the firm’s price target on CyberArk (CYBR) to $350 from $300 and keeps a Buy rating on the shares. The firm notes the company delivered strong execution in Q3 with upside to Street expectations for ARR, its key performance metric. CyberArk exited Q3 with ARR of $926M, up 31.3% year-over-year, coming in ahead of consensus of $921M. Further, the company raised its FY24 guidance across all metrics, which now includes contribution from the Venafi acquisition. Even on a standalone basis, CyberArk increased guidance across all metrics, Truist adds. Overall, the firm is encouraged by the resilient performance, which reaffirms its belief in the long-term setup for durable growth and margin expansion.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App