- With the company's lockup expiration out of the way, Summit Research has upgraded CyberArk (CYBR +2.8%) to Hold. The firm still isn't a fan of the privileged account-protection software leader's valuation; its $45 target is 21% below current levels.
- With the help of a bullish BofA/Merrill launch, CyberArk is up 16% since its lockup expired 8 days ago. Summit launched coverage at Sell on Dec. 18 - it praised CyberArk's "early lead" in the privileged account software market, while criticizing its multiples - when shares were only at $38.62.