CyberArk Software (CYBR) PT Raised to $573 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the price target on CyberArk Software (NASDAQ: CYBR) to $573.00 (from $518.00) while maintaining a Buy rating.

The analyst commented, "We are updating our model for CYBR's Q4 results that were announced this morning. Subscription & Total NNARR were record highs & were both up ~20-30% organically Y/Y by our math. Remain BUY rated. Raising PT from $518 to $573 to keep linked with our PANW (BUY) PT of $240. Rev/Op Profit/EPS was $372.7M/$75.0M/$1.33 vs. our estimates of $368.5M/$79.7M/$1.40. Total Subs. Rev of $310.5M is now 83% of Total Rev, was +28% Y/Y as reported, & was ahead of our est. $306.8M. Total Recurring Rev (Subs. Rev + M&S Rev) of $356.0M is now 96% of Total Rev & was +22% Y/Y as reported. OMs were ~20% vs. our est. of ~21.5% driven by higher COGS & R&D expenses. FCF was $121.7M / 33% margin vs. our est. of $109.7M / 30% margin."

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