JP Morgan Analyst Raises Cyberark Software Price Target by 19.8%

JP Morgan's Brian Essex raised their price target on Cyberark Software (NASDAQ: CYBR) by 19.8% from $207 to $248 on 2023/12/11. The analyst maintained their Strong Buy rating on the stock.

In a recent research note, Essex explained the rationale behind the price target increase. After conducting a thorough analysis of Cyberark Software's Security Software portfolio, the analyst concluded that the current and future market environments warrant an upward adjustment in the price target.

Essex highlighted the recent stock multiples expansion as a promising sign of a shift towards a risk-on sentiment in the market. This positive trend further supports the analyst's decision to raise the price target on Cyberark Software.

Furthermore, on the same day, Essex made several changes to price targets for other companies in their portfolio. Check Point Software Technologies Ltd, Fortinet Inc, Rapid7 Inc, Varonis Systems Inc, and Crowdstrike Holdings Inc all saw their price targets revised upwards while maintaining their respective ratings.

JP Morgan's Brian Essex is highly regarded in the industry, with a ranking in the top 17% of Wall Street analysts according to WallStreetZen. The analyst specializes in the Consumer Cyclical, Industrials, and Technology sectors, showcasing their expertise in evaluating companies within these industries.

It is worth noting that 100% of top-rated analysts currently rate Cyberark Software as a Strong Buy or Buy, with no analysts considering it a Hold or recommending selling the stock. This consensus among top-rated analysts reflects a high level of confidence in the company's future prospects.

Looking at the stock's performance, Cyberark Software has shown impressive gains over the past year. Since its last quarterly report on September 30, 2023, the stock price has increased by 22.5%. On a year-over-year basis, the stock is up by an impressive 45.7%. These figures indicate that Cyberark Software has outperformed the broader market, with the S&P 500 posting a gain of 15.8% during the same period.

Cyberark Software, headquartered in Petah Tikva, Israel, is a leading provider of software-based security solutions and services. The company's offerings include Privileged Access Manager, Vendor Privileged Access Manager, Endpoint Privilege Manager, Cloud Entitlements Manager, and various Identity and Access Management services.

With its focus on developing innovative security solutions, Cyberark Software caters to a wide range of industries, including financial services, manufacturing, insurance, healthcare, energy and utilities, transportation, retail, technology, and telecommunications. The company serves both private and public sector clients through its direct sales force, distributors, systems integrators, value-added resellers, and managed security service providers.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.