Skip to main content

Market Overview

Goldman Sachs: CyberArk Could Be Getting More Government Support

Share:

Cyberark Software Ltd (NASDAQ: CYBR) announced on March 29 that it has been awarded the “UC APL” (Unified Capabilities Approved Products List) certification by the Department of Defense (DoD).

Goldman Sachs’ Gabriela Borges reiterated a Buy rating on the company, with a price target of $51.

What Certification Means

Borges believes that the “UC APL” certification “makes it significantly easier for CyberArk to compete for DoD business.”

The analyst mentioned that there were thirteen security companies on the Approved Products List in the categories of Information Architecture and Network Access Control. Among these companies, CyberArk and Xceedium were the only two to offer privileged account solutions.

Related Link: Goldman Is Buying Cybersecurity's Growth

Borges also pointed out that the company was “executing well on increasing its penetration in federal. The UC APL certification follows CyberArk’s “Common Criteria” certification in July 2015.”

Growth Opportunities

The Federal segment accounted for 7 percent of the company’s sales in FY15, which the analyst expects to be a key growth opportunity for CyberArk.

Federal represents ~7 percent of sales in FY15 (larger security companies have 10–15 percent exposure), and Borges believes this is a key growth opportunity.

With meaningful greenfield adoption momentum being seen across various industry verticals through 2014 and 2015, Borges believes that the U.S. government “is increasing its focus on identity access management, and privileged account management in particular.”

Latest Ratings for CYBR

DateFirmActionFromTo
Feb 2021MizuhoMaintainsBuy
Feb 2021Morgan StanleyMaintainsOverweight
Jan 2021Morgan StanleyMaintainsOverweight

View More Analyst Ratings for CYBR
View the Latest Analyst Ratings

 

Related Articles (CYBR)

View Comments and Join the Discussion!

Posted-In: Analyst Color Long Ideas News Reiteration Events Analyst Ratings Tech Trading Ideas

Latest Ratings

StockFirmActionPT
GSMorgan StanleyMaintains332.0
FLMorgan StanleyMaintains50.0
ETCredit SuisseMaintains11.0
FSRMorgan StanleyMaintains40.0
GRPNCredit SuisseMaintains35.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com