Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

CyberArk shares price target raised on CORA AI product

EditorNatashya Angelica
Published 21/05/2024, 22:06
© CyberArk PR
CYBR
-

On Tuesday, DA Davidson maintained a Buy rating on shares of CyberArk Software (NASDAQ:CYBR) and increased the price target to $285 from the previous $275. The adjustment follows the company's annual customer conference, IMPACT, held in Nashville, Tennessee. The event featured a product and strategy-focused Investor Session led by CyberArk's management.

During the conference, CyberArk unveiled CORA AI, a significant new product, and announced enhancements to its IT Disaster Recovery (ITDR) capabilities. Notably, these offerings will not be available as separate modules. Management also reiterated their reasons for acquiring Venafi, which were initially shared on Monday. The acquisition is seen as a strategic move to capitalize on the growing market demand for Machine Identity solutions.

The analyst from DA Davidson highlighted that Identity Governance and Administration (IGA) could be CyberArk's next focus as the company aims to expand its Identity Security platform. The firm's positive stance on CyberArk is backed by the company's continued efforts to lead in the Identity Security market, prompting the stock price target increase to $285.

CyberArk's management has emphasized the market's turning point in the need for Machine Identity, which aligns with their strategic goals post-Venafi acquisition. The company's ongoing developments and product expansions are key factors influencing DA Davidson's raised price target and sustained Buy rating.

InvestingPro Insights

The latest insights from InvestingPro reveal a nuanced picture of CyberArk Software's (NASDAQ:CYBR) financial health and market performance. Notably, CyberArk is trading at a high Price / Book multiple of 12.43, which may reflect the market's optimism about the company's future growth prospects, especially in light of the recent product announcements and strategic acquisitions.

InvestingPro Tips highlight that CyberArk holds more cash than debt on its balance sheet, which could provide financial flexibility and stability as the company continues to innovate and expand its product offerings. Moreover, the company's gross profit margins remain impressive at 80.23%, signaling strong operational efficiency in generating revenue.

From a growth perspective, CyberArk has experienced a significant revenue growth of 29.7% over the last twelve months as of Q1 2024. This is further supported by a quarterly revenue growth of 37.01% in Q1 2024, underlining the company's robust performance and potential for future expansion.

For investors seeking more in-depth analysis, there are 21 additional InvestingPro Tips available, which can provide further insights into CyberArk's performance and outlook. To explore these tips and gain a more comprehensive understanding of CyberArk's investment potential, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.