© CyberArk PR CyberArk Software (CYBR) 'well positioned in important market' – Jefferies
CyberArk Software (NASDAQ was initiated with a Buy rating and a $240 per share price target at Jefferies on Friday, and analysts said the company is well positioned in a sizable market.
The analysts wrote in their research note to clients that the company is “making strong strides in profitability” as it completes its subtransition. Additionally, the industry's growth potential as generative ai is “expanding the threat landscape, which is an identity driver.”
Jefferies analysts note that CyberArk reported strong third-quarter results relative to its peers and “appears capable of maintaining momentum given a changing macro environment along with new business setup achievable in 2024.”
Separately, analysts said CYBR's ARR for 2024 looks reasonable, up 26% year-over-year compared to 34% in 2023, and that the 2024 setup looks “even more achievable” if they assume a better pace than expectations. in the fourth quarter.
“CYBR's LT ARR (long-term) targets of $1.6 billion in 2027 also appear feasible given that it implies 7% growth in net new ARR annually from 2024 to 2027,” the analysts added.