CyberArk jumps on back of 'strong' Q1 even as Baird cuts PT
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CyberArk Software (NASDAQ:CYBR) shares jumped on Friday after the cyber security company posted first-quarter results that investment firm Baird called "strong," though the research house lowered its price target.
Analyst Jonathan Ruykhaver maintained his outperform rating on CyberArk Software (CYBR) shares, but lowered the per-share price target to $180 from $200, noting that the company saw "meaningful acceleration" in its annual recurring revenue and the completion of its business model to subscriptions.
"We continue to believe the SaaS/subscription move enlarges the market opportunity, highlighted by accelerating new business, record SaaS business, and 250 new logos in the quarter," Ruykhaver wrote in a note to clients, adding that the company should continue to benefit from demand for privileged access Management, moving to software-as-a-service and "strong execution."
CyberArk Software (CYBR) shares rose nearly 10% to $132.32 in late-day trading on Friday.
Several other cyber security stocks also rose on Friday, including Zscaler (ZS), CheckPoint Software (CHKP) and Palo Alto Networks (PANW), led by the 11% gain in Zscaler.
Earlier this week, CyberArk Software (CYBR) reported first-quarter results that handily topped estimates and issued an outlook that was above Wall Street consensus.