Cantor Fitzgerald raised its price target on CyberArk Software (NASDAQ:CYBR) to $420 from $400 while reaffirming its Overweight rating, following the company’s Q1 earnings release yesterday.

CyberArk delivered a broad beat across all key metrics, surpassing consensus expectations for revenue, annual recurring revenue (ARR), and free cash flow. The company also raised its full-year guidance for operating income and earnings per share, reflecting confidence in ongoing execution and a strengthening product suite.

Analysts attributed the slight dip in the stock price following the results to the company’s decision not to raise its full-year ARR and adjusted free cash flow guidance, a move seen as conservative given the Q1 beat. Investor sentiment may have also been tempered by cautious macro commentary, although CyberArk confirmed it has not yet experienced any direct negative impact from economic conditions.

Cantor remains bullish, citing strong fundamentals and an expanding cybersecurity platform that positions the company well for continued growth.