© CyberArk PR CyberArk Software (CYBR) ‘well-positioned in a sizeable market’ – Jefferies
CyberArk Software (NASDAQ:) was initiated with a Buy rating and $240 per share price target at Jefferies on Friday, with analysts stating the company is well-positioned in a sizeable market.
Analysts wrote in their research note to clients that the company is “making strides in profitability” as it completes its sub transition. In addition, the potential for industry growth as generative AI is “expanding the threat landscape, which is a driver for identity.”
The Jefferies analysts note that CyberArk reported strong third-quarter results relative to peers and “appears capable of sustaining momentum given an inflecting macro environment coupled with achievable new business set-up in 2024.
Elsewhere, analysts said CYBR’s 2024 ARR appears reasonable at 26% year-on-year compared to 34% in 2023, with the set-up for 2024 looking “even more achievable” if they assume a beat vs expectations in the fourth quarter.
“CYBR’s [long-term] LT ARR targets of $1.6B in 2027 also looks feasible given it implies 7% growth in net new ARR annually from 2024 until 2027,” added analysts.
