12:15 PM EDT, 08/09/2024 (MT Newswires) -- CyberArk Software ( CYBR ) posted a "robust" Q2 and "healthy guidance" as the company remains a top segment pick "while significantly growing profitability with its durable operating model," Wedbush Securities said Friday in a report.

Wedbush cited strong demand for CyberArk's "wide range of product offerings across new and existing logos." The securities firm raised its price target on the stock to $300 from $285 and maintained its outperform rating.

In Q2, sales of $224.7 million and earnings per share of $0.54 exceeded the company's guidance and Wall Street estimates, driven by strong demand and improved margins from increased annual recurring revenue and better operating leverage, Wedbush said.

Subscription revenue at $158.4 million, perpetual license revenue at $3.6 million and total ARR of $868 million also topped Street estimates, Wedbush said.

The company boosted its full-year ARR guidance to $985 million to $995 from

$975 million to $990 million with the Venalfi acquisition expected to close

in H2, adding $150 million in ARR, Wedbush said.

Shares of CyberArk rose 2.4% in recent trading Friday. The stock gained 8.3% on Thursday after the company reported Q2 results.

Price: 269.89, Change: +6.30, Percent Change: +2.39