CyberArk (CYBR) will continue to enjoy strong growth driven by its leadership position in the expanding PAM (privileged access management) market. The company is positioning for more growth. This will expand CyberArk's total addressable market to drive multiples expansion. As a result, I will maintain a bullish rating with a price target of $124.
Demand (Rating: Bullish)
The PAM market exceeded $1.1 billion in 2017, representing a growth of 16.9% over 2016. The market is expected to continue to grow at a rapid pace, with a CAGR of almost 19% for the period