JMP Securities analyst Erik Suppiger said privately held Identity and Access Management vendor Bomgar's deal to buy Privileged Account Management and vulnerability management vendor Beyond Trust reflects a consolidation trend in the market and reaffirms the health of the sector, both of which are favorable for CyberArk. While the companies did not disclose terms, he assumes the acquisition price was higher than the $600M offer reportedly made by One Identity. Based on an increase in market valuation multiples and his increased confidence in the health of the PAM market, Suppiger raised his price target on CyberArk to $86 from $75 and keeps an Outperform rating on the shares.