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RBC Capital Markets has affirmed its Outperform rating on CyberArk Software (NASDAQ:CYBR), maintaining a price target of $481.00. The endorsement follows a recent investor day event hosted by CyberArk, where the company presented its long-term targets and market strategy. The event highlighted CyberArk’s expansion into a new $80 billion Total (EPA:TTEF) Addressable Market (TAM) and set a goal of reaching approximately $2.3 billion in Annual Recurring Revenue (ARR) by 2028.
CyberArk’s growth strategy includes a focus on machine identity and agentless AI technologies, areas that RBC Capital analysts find promising. The firm’s positive outlook is further supported by CyberArk’s Go-To-Market (GTM) success and its persona-based selling model, which are expected to contribute to the company’s durable 20%+ ARR growth in the near term.
The analysts at RBC Capital are confident in CyberArk’s product roadmap, which they believe is well-aligned with future cybersecurity demands. They consider the company’s long-term targets to be achievable and well-founded, reinforcing their conviction in CyberArk as a top midcap selection and a long-term growth prospect.
RBC Capital’s maintained price target of $481.00 reflects a strong belief in CyberArk’s potential for sustained growth and market leadership in cybersecurity solutions. The firm’s Outperform rating is a signal of their expectation that CyberArk will continue to perform well above the industry average.
In other recent news, CyberArk Software has garnered attention following its Investor Day event in Boston, with several analyst firms maintaining a positive stance on the company’s prospects. CyberArk’s financial performance has been robust, with BofA Securities raising its price target to $500, citing a 29.5% year-over-year organic growth in annual recurring revenue (ARR), further boosted by the acquisition of Venafi. The company’s revenue, including Venafi’s contributions, grew by 40.9% year over year, surpassing market estimates.
DA Davidson reaffirmed its Buy rating with a $475 target, noting CyberArk’s solid ARR growth and its strategic focus on Identity Security. Similarly, Jefferies maintained a Buy rating with a $475 target, expressing optimism in the company’s growth potential in Privileged Access Management (PAM) and expanding platform capabilities. BTIG also upheld a Buy rating with a $485 target, highlighting the company’s long-term financial goals and the potential of Agentic AI.
Citi maintained its Buy rating with a $410 target, emphasizing the company’s strong financial results and strategic initiatives, including contributions from Zilla. The analyst noted the positive impact of aligning Term customer contracts with SaaS expansions. These developments underscore CyberArk’s strategic positioning and growth trajectory in the cybersecurity market, as reflected in the various analyst ratings and targets.
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