03:08 PM EST, 02/04/2025 (MT Newswires) -- CyberArk Software ( CYBR ) is expected to issue net new annual recurring revenue outlook for 2025 in line with prior guidance when it reports its Q4 results, UBS said in a note Tuesday.

UBS said it expects the company to issue flat net new annual recurring revenue, or NNARR, guidance for the calendar year, consistent with previous outlooks, which would also reflect any potential upside to consensus estimates for $68 million NNARR in Q4.

UBS also said that the company would have a "more mixed setup" near-term but its partners "continue to sound positive" on 2025.

The investment firm said it sees potential for upside to 2025 numbers as the Venafi acquisition could open up a cross-sell opportunity to around 8,500 of CyberArk's non-overlapping customers. Even a modest cross-sell could represent a third to a half of 2025 NNARR, though there is some risk associated if CyberArk "does not nail the integration," according to UBS.

The firm said it was raising its price target to $440 from $400 while maintaining a buy rating on the stock.

CYBR shares were up 0.9% in recent trading.

Price: 374.65, Change: +2.65, Percent Change: +0.71