Zacks Investment Research upgraded shares of Cyberark Software (NASDAQ:CYBR) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $82.00 price target on the technology company’s stock.
According to Zacks, “CyberArk is benefiting from growing adoption of its solutions, which are helping it win deals in new as well as add-on businesses. Increasing demand for privileged access security on the back of digital transformation and cloud migration strategies is a key growth driver. Management noted that the enhanced functionality of Version 10 of the company’s core privileged access security solutions coupled with its new simplified pricing model is helping it in drive customer acquisition. Buoyed by the splendid results, the company issued an encouraging view for the fourth quarter and raised the full-year guidance. Notably, the stock has outperformed the industry in the past year. Nonetheless, the increasing operating expenses due to various improvement initiatives are anticipated to hurt bottom-line in the near term. Competition from numerous big and small companies in the security application market is a concern.”
Several other research firms have also issued reports on CYBR. Wedbush started coverage on Cyberark Software in a research report on Thursday, October 18th. They issued an outperform rating and a $85.00 price target on the stock. UBS Group raised their price target on Cyberark Software from $85.00 to $90.00 and gave the stock a positive rating in a research report on Thursday, November 8th. Morgan Stanley set a $91.00 target price on Cyberark Software and gave the stock a buy rating in a report on Friday, October 19th. BidaskClub lowered Cyberark Software from a buy rating to a hold rating in a report on Tuesday, September 25th. Finally, Citigroup boosted their price target on Cyberark Software to $85.00 and gave the company a hold rating in a report on Thursday, November 8th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Cyberark Software presently has an average rating of Buy and an average target price of $80.80.
NASDAQ CYBR opened at $77.92 on Tuesday. The firm has a market capitalization of $2.75 billion, a PE ratio of 106.74, a PEG ratio of 4.94 and a beta of 1.76. Cyberark Software has a 52 week low of $41.55 and a 52 week high of $84.21.
Cyberark Software (NASDAQ:CYBR) last released its earnings results on Wednesday, November 7th. The technology company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.21. Cyberark Software had a return on equity of 9.38% and a net margin of 8.41%. The company had revenue of $84.70 million during the quarter, compared to analysts’ expectations of $78.82 million. During the same period last year, the firm earned $0.25 EPS. The business’s revenue for the quarter was up 30.7% on a year-over-year basis. Sell-side analysts predict that Cyberark Software will post 1.01 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of CYBR. Acadian Asset Management LLC increased its holdings in Cyberark Software by 139.2% in the third quarter. Acadian Asset Management LLC now owns 1,474,648 shares of the technology company’s stock valued at $117,737,000 after purchasing an additional 858,244 shares during the period. Morgan Stanley grew its holdings in Cyberark Software by 180.9% during the 3rd quarter. Morgan Stanley now owns 1,198,230 shares of the technology company’s stock worth $95,668,000 after acquiring an additional 771,727 shares during the period. OppenheimerFunds Inc. acquired a new stake in Cyberark Software during the 2nd quarter worth about $38,220,000. Penserra Capital Management LLC acquired a new stake in Cyberark Software during the 3rd quarter worth about $11,948,000. Finally, BlackRock Inc. grew its holdings in Cyberark Software by 26.7% during the 2nd quarter. BlackRock Inc. now owns 642,976 shares of the technology company’s stock worth $40,481,000 after acquiring an additional 135,332 shares during the period. Institutional investors and hedge funds own 78.15% of the company’s stock.
Cyberark Software Company Profile
CyberArk Software Ltd. engages in the development, market, and sale of access security software solutions. It operates through the following geographical segments: United States; Israel; United Kingdom; Europe, the Middle East and Africa; and Other. Its products include core privileged access security, application identity and endpoint privilege manager, and Conjur.
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