CyberArk Software Sees Raised Price Target by DA Davidson, Maintains Buy Rating

DA Davidson has raised its price target for CyberArk Software (CYBR) to $518.00, a 11.40% increase from the previous target. The analyst maintained a "Buy" rating, reflecting confidence in the company's growth prospects. The average target price among 36 analysts is $453.01, with a high estimate of $585.00 and a low of $352.54. The average brokerage recommendation is 2.1, indicating an "Outperform" status. The estimated GF Value for CYBR in one year is $331.88, suggesting a downside of 20.2% from the current price.

DA Davidson has significantly raised its price target for CyberArk Software (CYBR), setting it at $518.00, a notable 11.40% increase from the previous target. The analyst maintained a "Buy" rating, reflecting confidence in the company's growth prospects. The average target price among 36 analysts is $453.01, with a high estimate of $585.00 and a low of $352.54. The average brokerage recommendation is 2.1, indicating an "Outperform" status. The estimated GF Value for CYBR in one year is $331.88, suggesting a downside of 20.2% from the current price.

The upgrade comes on the heels of CyberArk's strong second-quarter results, which exceeded Wall Street's expectations. The company reported total Annual Recurring Revenue (ARR) of approximately $1.275 billion, marking a 47% year-over-year growth, which surpassed the consensus forecast of about $1.25 billion. Additionally, CyberArk announced an acquisition agreement with Palo Alto Networks (NASDAQ:PANW) valued at approximately $25 billion. This acquisition aims to enhance Palo Alto's platform offerings by integrating CyberArk's identity security solutions.

DA Davidson noted that CyberArk's stock price will be largely determined by Palo Alto Networks' stock performance in the interim period due to the significant stock-for-stock component of the acquisition deal. The firm tied its new CyberArk price target of $518 to its Palo Alto Networks price target of $215, maintaining a Buy rating on both companies.

Other analysts have also adjusted their price targets and ratings for CyberArk. Mizuho increased its price target to $500, maintaining an Outperform rating, while RBC Capital downgraded CyberArk to Sector Perform, adjusting its price target to $448 from $420. These developments reflect significant movements in CyberArk's market positioning and future prospects.

References:
[1] https://ca.investing.com/news/analyst-ratings/da-davidson-raises-cyberark-software-stock-price-target-on-palo-alto-deal-93CH-4130176
[2] https://za.investing.com/news/analyst-ratings/oppenheimer-downgrades-cyberark-stock-rating-to-perform-after-palo-alto-acquisition-93CH-3815667