CyberArk Software: Positioned for Continued Outperformance in the Security Sector

CyberArk Software (CYBR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Matt Dezort from Needham maintained a Buy rating on the stock and has a $410.00 price target.

Matt Dezort’s rating is based on CyberArk Software’s impressive performance and strategic positioning for the future. He highlights that CYBR has outperformed significantly in the previous year, with a substantial gain compared to the industry benchmark. This outperformance is expected to continue into the following year, fueled by a growing threat landscape that increases demand for their solutions. Additionally, the company’s strong growth in acquiring new clients and the potential for increased revenue through the integration of Venafi’s offerings further bolster its prospects.
Dezort also points to a favorable consensus model and CyberArk’s consistent execution amidst competitive dynamics as reasons for his optimism. He believes that these factors set a solid foundation for continued momentum. The new price target of $410 reflects his confidence in the company’s ability to capitalize on these opportunities and maintain its growth trajectory, making it a top pick in the security sector for the coming year.

In another report released on January 6, Barclays also maintained a Buy rating on the stock with a $375.00 price target.

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CyberArk Software (CYBR) Company Description:

CyberArk Software Ltd. engages in the development, market, and sale of access security software solutions. It operates through the following geographical segments: United States; Israel; United Kingdom; Europe, the Middle East and Africa; and Other. Its products include core privileged access security, application identity and endpoint privilege manager, and Conjur. The company was founded by Udi Mokady and Alon N. Cohen in 1999 and is headquartered in Petach Tikva, Israel.