Stifel analysts reiterated a Buy rating on CyberArk Software (NASDAQ:CYBR) with a $444 price target, following the company’s analyst day presentation, which highlighted its expanding platform and long-term growth prospects in identity security.

CyberArk showcased its strategic focus on securing both human (Workforce, IT, Developers) and machine (Devices, Workloads, AI) identities, tapping into an estimated $80 billion total addressable market (TAM).

The company introduced fiscal 2028 growth targets, projecting a three-year annual recurring revenue (ARR) compound annual growth rate (CAGR) of 17.6% and revenue CAGR of 18.8%—numbers that align with expectations but fall slightly short of more aggressive buy-side estimates aiming for 20% growth. However, CyberArk's forecasted free cash flow (FCF) margin of 27% exceeded investor expectations, reinforcing confidence in its long-term profitability.

While CyberArk remains a leader in the Privileged Access Management (PAM) space, it is also expanding into high-growth areas like Machine Identity, Identity Governance and Administration (IGA), and Agentic AI, presenting significant opportunities for future expansion.

Stifel maintains CyberArk as a top cybersecurity investment, with growing confidence in the company’s ability to capitalize on the increasing importance of identity security and secure both human and non-human digital interactions in the evolving cybersecurity landscape.