Benzinga | Aug 13, 2021 03:22PM EDT

Why Do Analysts See Upside Potential In CyberArk?

* Barclays raised the price target on CyberArk Software Ltd (NASDAQ:CYBR) to $180 from $171, implying a 23% upside, and kept an Overweight rating.

* Stifel analyst Adam Borg raised the price target to $175 from $160, implying a 19.6% upside, and affirmed a Buy.

* CyberArk delivered a robust Q2 print, as overall bookings accelerated along with the mix of subscription bookings coming in well above expectations as the model transition runs ahead of plan, Borg notes.

* Borg believes the valuation is attractive and that shares can see multiple expansions as its transition unfolds.

* Baird analyst Jonathan Ruykhaver raised the price target to $170 from $160, implying 16.2% upside, and maintained an Outperform.

* Ruykhaver said the model has many moving parts with the transition and planned investments creating near-term noise, leading to a low degree of modeling confidence.

* However, he believes ARR growth highlights solid underlying trends.

* Wedbush analyst Daniel Ives raised the price target to $160 from $150, implying a 9.4% upside, and reiterated an Outperform.

* The rating follows the company's "strong" Q2 results. ARR of 35% that handily beat expectations will "put fuel in the tank for the bulls, Ives said.

* He thinks the company's subscription transition will accelerate cross-selling and up-selling opportunities.

* Price Action: CYBR shares traded higher by 8.35% at $158.53 on the last check Friday.