CyberArk Software's Sees Increased Deal Velocity: Analyst Highlights New Customer Wins Amid Durable Demand
Portfolio Pulse from Nabaparna Bhattacharya
Stephens analyst Brian Colley has raised the price target on CyberArk Software Ltd. (NASDAQ:CYBR) from $180 to $210, maintaining an Overweight rating. This follows CyberArk's Q2 results, which showed a 61% rise in subscription revenue to $106.2 million. Despite a weak macro environment, CyberArk has seen resilient trends, with accelerating net new ARR growth and new customer wins. The company is also expanding its channel ecosystem, which has delivered key wins in the quarter. Following Q2, the analyst raised the FY2023/2024 revenue estimates and non-GAAP EPS estimates.
August 11, 2023 | 6:15 pm
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CyberArk Software's price target has been raised by Stephens analyst Brian Colley from $180 to $210. The company's Q2 results showed a 61% rise in subscription revenue, and despite a weak macro environment, it has seen resilient trends and new customer wins.
The raised price target and Overweight rating by the analyst, along with strong Q2 results and new customer wins, indicate a positive outlook for CyberArk Software. Despite a weak macro environment, the company has shown resilience, which is likely to positively impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100