- Barclays raised the price target on CyberArk Software Ltd CYBR to $180 from $171, implying a 23% upside, and kept an Overweight rating.
- Stifel analyst Adam Borg raised the price target to $175 from $160, implying a 19.6% upside, and affirmed a Buy.
- CyberArk delivered a robust Q2 print, as overall bookings accelerated along with the mix of subscription bookings coming in well above expectations as the model transition runs ahead of plan, Borg notes.
- Borg believes the valuation is attractive and that shares can see multiple expansions as its transition unfolds.
- Baird analyst Jonathan Ruykhaver raised the price target to $170 from $160, implying 16.2% upside, and maintained an Outperform.
- Ruykhaver said the model has many moving parts with the transition and planned investments creating near-term noise, leading to a low degree of modeling confidence.
- However, he believes ARR growth highlights solid underlying trends.
- Wedbush analyst Daniel Ives raised the price target to $160 from $150, implying a 9.4% upside, and reiterated an Outperform.
- The rating follows the company's "strong" Q2 results. ARR of 35% that handily beat expectations will "put fuel in the tank for the bulls, Ives said.
- He thinks the company's subscription transition will accelerate cross-selling and up-selling opportunities.
- Price Action: CYBR shares traded higher by 8.35% at $158.53 on the last check Friday.
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