<div id="readability-page-1">DA Davidson struck a more optimistic tone on CyberArk Software Ltd ( CYBR ) after the company delivered another strong quarter fueled by subscription growth and accelerating recurring revenue. Analyst Rudy Kessinger maintained a Buy rating on CyberArk Software ( CYBR ) and raised the price forecast from $518 to $573 on Wednesday. Kessinger updated his model after CyberArk's fourth-quarter report, noting the company delivered record subscription and total net new ARR levels, both rising roughly 20%–30% organically year-over-year. The analyst rerated the stock to align with his valuation of Palo Alto Networks Inc ( PANW ) . <h2>Subscription Growth Drives Results</h2> He said CyberArk posted solid quarterly results, with revenue of $372.7 million and adjusted EPS of $1.33, slightly below his profit expectations but supported by strong subscription growth. Subscription revenue climbed 28% Y/Y to $310.5 million, making up 83% of total revenue, while recurring revenue reached 96% of the total. <h2>ARR Momentum Remains Strong Despite Deal Uncertainty</h2> Kessinger highlighted strong ARR momentum, with total ARR rising 23% to $1.44 billion and subscription ARR growing about 29% organically. Net new ARR also rebounded sharply compared with the prior quarter, driven by accelerating subscription contributions. The analyst noted operating margins came in slightly lower than expected due to higher costs, but free cash flow exceeded forecasts. With CyberArk awaiting its pending acquisition by Palo Alto Networks ( PANW ), the company will not hold an earnings call or provide updated guidance, though Kessinger still revised his forward estimates and reiterated his bullish stance. The analyst projected first-quarter revenue of $378.6 million and EPS of $1.35. Price Action: CYBR shares were trading lower by 1.61% to $400.46 at last check Thursday. Image: Shutterstock</div>

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儘管 CyberArk 實現了 14.4 億美元的顯著收入，其股票仍然下跌。DA Davidson 的分析師 Rudy Kessinger 維持了買入評級，並將目標價從 518 美元上調至 573 美元，理由是強勁的訂閲增長和總年度經常性收入（ARR）增長 23%。該公司報告的季度收入為 3.727 億美元，調整後的每股收益為 1.33 美元，訂閲收入佔總收入的 83%。然而，圍繞其與派拓網絡的待收購的不確定性導致缺乏更新的指導。CYBR 股票下跌 1.61%，報 400.46 美元

儘管業績表現優異，CyberArk 的股票仍然下跌，分析師警告存在 “收購僵局”