On Wednesday, Piper Sandler expressed a continued positive outlook on CyberArk Software (NASDAQ:CYBR) shares, maintaining an Overweight rating and a $300.00 price target.
The firm's stance comes after attending CyberArk's user conference and analyst session at Impact 2024, where the focus was on expanding identity protection beyond IT through a unified platform.
The conference showcased the company's direction and vision, highlighting the recent acquisition of Venafi and the introduction of new products such as CORA AI and ITDR innovations.
CyberArk's management provided insights into the strategy behind the Venafi deal, which is aimed at bolstering the company's identity security capabilities.
CyberArk's efforts to create a comprehensive identity security platform that encompasses both human and machine identities were well-received by Piper Sandler.
The firm's reiteration of the Overweight rating indicates confidence in CyberArk's trajectory and potential for growth in the identity security market.
The price target of $300.00 set by Piper Sandler suggests that the firm anticipates a strong performance from CyberArk's stock. This target remains unchanged following the insights gained from the Impact 2024 conference.
Investors and market watchers will likely monitor CyberArk's progress as it works to integrate the acquired Venafi capabilities and roll out its new products, aiming to solidify its position as a leader in identity security solutions.
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