On Monday, Rosenblatt Securities sustained its Buy rating on shares of CyberArk Software (NASDAQ:CYBR), with a price target of $345.00, as the company continues to demonstrate strong market performance with a 52.17% return over the past year.
According to InvestingPro data, analysts maintain a strong bullish consensus on the stock, with 27 analysts recently revising their earnings expectations upward. The decision follows a recent meeting with Srinivas Anantha, Vice President of Investor Relations, and Floris van der Veer, Director of Investor Relations at CyberArk.
During the discussion, the firm gained insights into CyberArk's Identity Security Platform and gathered feedback from Chief Information Security Officers (CISOs) on the company's solutions.
The meeting highlighted the traction CyberArk's Endpoint Privilege Manager and Workforce Identity modules are gaining within enterprise organizations. This momentum is reflected in the company's impressive 30.31% revenue growth and industry-leading gross profit margin of 81.07%, according to InvestingPro data.
CyberArk's strategies for addressing the increasing demand for identity security platforms were also a focal point of the conversation. This has reinforced Rosenblatt's positive stance on the company's execution capabilities and market position.
CyberArk's Identity Security Platform has been designed to provide comprehensive protection against cyber threats by managing privileges and access across an organization's network. The platform's modules aim to secure endpoints and manage workforce identities, which are critical components in safeguarding information systems.
Rosenblatt's reiterated price target of $345.00 reflects a steady confidence in CyberArk's potential for growth and profitability in the cybersecurity sector. The firm's analysis suggests that the company is well-positioned to take advantage of the expanding market for identity security solutions.
The endorsement from Rosenblatt comes as CyberArk continues to innovate and expand its product offerings in the face of evolving digital threats. With a market capitalization of $13.65 billion and trading near its 52-week high, the company appears overvalued according to InvestingPro's Fair Value analysis. The company's focus on identity security is expected to meet the needs of organizations seeking to strengthen their cybersecurity infrastructure.
For a deeper understanding of CyberArk's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro along with 12 additional key insights about the company.
In other recent news, CyberArk Software (ETR:SOWGn) has launched a secondary public offering of its ordinary shares, held by Triton Seller, an affiliate of Thoma Bravo. The shares will be sold on the Nasdaq by BofA Securities, with all proceeds going to the selling shareholder.
CyberArk's Q3 results showed a record total revenue of $240.1 million, marking a 26% increase year-over-year, and an Annual Recurring Revenue (ARR) of $926 million, showing 31.3% growth.
The company's recent acquisition of Venafi, a machine identity security company, is expected to enhance its product offerings and contribute to its ARR. Analyst firms such as Citi, KeyBanc Capital Markets, TD Cowen, Truist Securities, and Rosenblatt Securities have adjusted their price targets for CyberArk, reflecting their confidence in the company's strong performance and future prospects.
CyberArk anticipates Q4 revenue to range between $297 million and $303 million, surpassing the consensus estimate of $259.7 million. Non-GAAP operating income is also expected to be in the range of $43.5 million to $48.5 million. Lastly, the company announced a change in its financial leadership, with CFO Josh Siegel stepping down after a 13-year tenure, to be succeeded by Erica Smith.
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