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 company delivered strong execution with its Q3 results, with upside to Street expectations for annual recurring revenue, and also raised its FY24 guidance across all metrics, which now includes contribution from the Venafi acquisition, the analyst tells investors in a research note. Truist is encouraged by CyberArk’s resilient performance, which reaffirms its belief in the long-term setup for durable growth and margin expansion.