CyberArk price target raised to $360 from $315 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the firm’s price target on CyberArk (CYBR) to $360 from $315 and keeps a Buy rating on the shares. The company delivered another strong quarter and guidance raise, with annual recurring revenue – ARR – beating consensus and rising 31% as operating margins and free cash flow margins coming significantly ahead of expectations, the analyst tells investors in a research note. Platform selling continues to gain momentum as CyberArk’s competitive edge continues to widen, evidenced by Workforce IAM now exceeding $100M in ARR, the firm added.