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On Thursday, DA Davidson set a higher price target for CyberArk Software (NASDAQ:CYBR), increasing it to $475 from the previous $390, while retaining a Buy rating on the stock. CyberArk has reported impressive financial results, surpassing expectations with a strong performance. The company's Annual Recurring Revenue (ARR) was significantly above consensus, with organic standalone ARR for CyberArk growing by 30% year-over-year. With a market capitalization of $20.42 billion and an impressive gross profit margin of 81.07%, InvestingPro data shows the company trading near its 52-week high, reflecting strong investor confidence.
The acquisition of the Identity Governance and Administration (IGA) startup Zilla Security by CyberArk was highlighted as a strategic move that completes their leading identity security platform. This addition is expected to further strengthen CyberArk's market position.
DA Davidson's analyst noted the momentum of CyberArk's platform, mentioning several large, seven-figure platform deals. A record quarter for the company's Secrets product was also called out, indicating robust growth and adoption.
Looking ahead, CyberArk has provided guidance for the ARR in the calendar year 2025, projecting a 21% year-over-year increase. However, DA Davidson views this forecast as conservative, suggesting that a 23% or higher growth rate is likely.
In conclusion, DA Davidson's updated price target reflects a positive outlook on CyberArk's future performance, driven by strong growth, strategic acquisitions, and continued market leadership in identity security.
In other recent news, CyberArk Software has been making headlines with its strong performance and positive guidance. DA Davidson has raised its price target for CyberArk to $475, maintaining a Buy rating. The firm cited CyberArk's impressive Annual Recurring Revenue (ARR) and the successful acquisition of Venafi as key factors. The acquisition of Identity Governance and Administration startup Zilla Security was also highlighted as a significant move, enhancing CyberArk's market-leading identity security platform.
Barclays (LON:BARC) followed suit, increasing its target for CyberArk to $450, based on the company's robust growth and the strategic acquisition of Zilla Security. The firm's analyst, Saket Kalia, noted CyberArk's surpassing of the $1 billion ARR milestone and projected a 21% year-over-year growth in ARR for fiscal year 2025.
Cantor Fitzgerald and Stifel also showed confidence in CyberArk, raising their price targets to $445 and $444 respectively. Both firms highlighted CyberArk's strong execution in business operations and impressive financial metrics. Stifel analysts further noted the company's potential to secure a wide range of personas, including workforce, IT, developers, and machines.
These developments underscore CyberArk's continued growth and leadership in the identity security market. The consistent upgrades from these firms reflect a positive outlook for the company's financial future.
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