CyberArk Analysts Boost Their Forecasts After Upbeat Results

CyberArk Software Ltd CYBR posted better-than-expected results for the third quarter on Thursday.

CyberArk Software saw third-quarter revenue growth of 25% year-on-year to $191.2 million, beating the consensus of $184.7 million. The information security company posted an adjusted EPS of $0.42, which beat the consensus of $0.23.

CyberArk expects FY23 revenue of $735.3 million - $740.3 million (prior $726 million - $736 million) versus the consensus of $731.41 million. The company expects an adjusted EPS outlook of 72 cents to 80 cents (prior 44 cents - 63 cents) versus the consensus of 55 cents.

CyberArk shares gained 1.9% to trade at $176.86 on Friday.

These analysts made changes to their price targets on CyberArk following earnings announcement.

• Keybanc increased the price target on CyberArk from $196 to $210. Keybanc analyst Michael Turits maintained an Overweight rating.
• Morgan Stanley raised the price target on CyberArk from $180 to $195. Morgan Stanley analyst Hamza Fodderwala maintained an Overweight rating.
• Wedbush boosted the price target on CyberArk from $185 to $200. Wedbush analyst Daniel Ives maintained an Outperform rating.
• Stephens & Co. raised the price target on CyberArk from $210 to $220. Stephens & Co. analyst Brian Colley maintained an Overweight rating.

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