04:15 PM EDT, 04/24/2024 (MT Newswires) -- CyberArk Software's ( CYBR ) enterprise focus on identity security remains strong, with positive feedback from partners regarding privileged access management, UBS Securities said in a report emailed Wednesday.

The company's shares are currently trading at levels seen before in Q4, and there's optimism leading up to the upcoming May 2 earnings report, UBS said, adding that "we see platform opps in Access and DevOps/Cloud inflecting higher this quarter."

Opportunities in Identity and Access Management and significant deal activity in Q1, support CyberArk's competitive advantage. The recent acquisition of HashiCorp is viewed positively, potentially benefiting CyberArk in the DevOps access market, especially with the momentum in Secure Cloud Access, UBS said.

Q1 expectations seem reasonable, with analysts forecasting $34 million of Non-GAAP Net Annual Recurring Revenue, flat year-over-year, and a 5% Operating margins, the report said.

"Despite a very strong [2023] and a relatively demanding valuation, we continue to think [CyberArk] shares look attractive here. Critically, identity security remains a significant focus area, and we think [CyberArk] has a unique opportunity to capitalize on industry disruption as it expands its own platform of product offerings," UBS said.

UBS has a buy rating on CyberArk with a 12-month price target of $310.