CyberArk Software: Strong Buy Rating Driven by Market Leadership and Innovative Identity Security SolutionsWe attended CYBR’s investor day in Boston earlier today, which reinforced its leadership in identity- security, highlighting an $80B TAM, $20B TAM expansion fueled by machine-identity, AI-driven security, and modern-IGA. The Venafi/Zilla acquisitions are already driving growth, with machine-identity now a mainstream security imperative. AI-agent security is emerging as a major tailwind, uniquely positioning CYBR in our view. Management reiterated a durable growth/profitability framework, targeting $2.3B ARR by 2028 with 27% FCF margins, supported by platform-consolidation trends. Deep enterprise pipeline/adoption, execution discipline should sustain CYBR’s long-term growth trajectory, in our view.