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Truist analysts started CyberArk Software (NASDAQ:CYBR) with a Buy rating and $185 per share price target in a note to clients on Friday, helping to lift its share price.
CYBR shares have gained over 5% so far in the session, climbing above the $139 mark, aided by comments from Citi on Thursday, which opened a positive catalyst watch on the stock as they “believe ARR can surprise to the upside on the print.” However, the stock is down over 21% in the last 12 months.
The analysts described the company as a leader in Privilege Access Management (PAM), “which is becoming a critical layer of cybersecurity and center of identity security.”
“The company’s transition to a subscription-based model has resulted in strong visibility and durability of its business as well as higher customer lifetime value,” they wrote.
In addition, the analysts said that in the firm’s opinion, “CYBR’s ability to manage all identity types in a variety of deployment environments, increasing number of use cases, technology innovation, and high recurring revenue,” has positioned it strongly for durable growth when looking ahead.
