03:45 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our target to $281 from $297 on a P/S of 12x our NTM sales, on lower market multiples and higher risks to demand. We increase our 2024 EPS view to $2.25 from $1.87 and 2025's to $3.35 from $3.26. CYBR posted Q1 revenue of $221.6M, above consensus by $8.4M, and non-GAAP EPS of $0.75 beat by $0.48. Sales accelerated 37% Y/Y, lifted by strong subscription growth of 68.5%, reflecting the durability of enterprise spending on Identity solutions, and execution to drive multi-product deals from new logos and expansion. Subscription annual recurring revenue (ARR) was $621M, up a robust 54%, albeit flat on a net new Subscription ARR (+$39M) basis when compared to Q1 2023. CYBR lifted its full-year revenue guide by $8M, incorporating the beat and lower than expected, suggesting conservatism on macroeconomic challenges, as well as the negative impact to revenue from expectations of a higher mix of SaaS in Q2. However, we are impressed with the jump in FCF guide to$115M-$125M from the prior range of $85M-95M.