CyberArk Software (CYBR) Q1 results for all key metrics exceeded expectations, reflecting strong demand from both new and existing customers and rising interest in multi-product purchases, Wedbush Securities said in a research note on Wednesday.
The firm said growth in software-as-a-service bookings is expanding CyberArk's recurring revenue base and improving revenue visibility.
Wedbush also noted that the integration of Venafi, a machine identity management company, has been accretive, boosting margins immediately and creating new cross-sell and upsell opportunities.
Total revenue of $317.6 million was up 43% year-over-year, above guidance and Street expectations, reflecting strong demand for its identity security solutions and consistent strategy execution.
Wedbush highlighted that identity security remains a top priority for chief information security officers, with CyberArk well-positioned as a leading provider of solutions that address evolving enterprise needs across access management, privileged access, and machine identity.
CyberArk's updated guidance appears conservative given the company's pace of product innovation and continued demand, the firm added.
Wedbush maintained its outperform rating on the stock with a $450 price target.
Price: 362.20, Change: +0.91, Percent Change: +0.25
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