Needham & Company Starts CyberArk Software (CYBR) at Buy

Needham & Company initiates coverage on CyberArk Software (NASDAQ: CYBR) with a Buy rating and a price target of $62.00.

Analyst Alex Henderson commented, "We believe CyberArk is the top supplier focused on Privileged Access Management internal defense. The massive recent spending on perimeter defense has yielded a surety that it probably doesn’t work. After the visceral and very public penetrations of 2015 resulted in a spike of spending on Security, the failure of this perimeter defense strategy resulted in slower spending in CY16. But we believe CISOs are shifting spending to stopping the damage caused by both external hackers and malicious insiders. CyberArk is one of the top internal protection companies focused on limiting access and containing the damage. We are launching coverage with a Buy rating."

For an analyst ratings summary and ratings history on CyberArk Software click here. For more ratings news on CyberArk Software click here.

Shares of CyberArk Software closed at $49.04 yesterday.

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