CyberArk Software (NASDAQ:CYBR) Sets New 1-Year High on Analyst Upgrade

CyberArk Software Ltd. (NASDAQ:CYBR) reached a new 52-week high during trading on Friday after KeyCorp raised their price target on the stock from $310.00 to $340.00. KeyCorp currently has an overweight rating on the stock. CyberArk Software traded as high as $305.00 and last traded at $304.37, with a volume of 58268 shares trading hands. The stock had previously closed at $295.65.

Several other research analysts also recently issued reports on the company. Guggenheim reaffirmed a “buy” rating and set a $300.00 price target on shares of CyberArk Software in a research note on Tuesday, June 25th. Royal Bank of Canada started coverage on CyberArk Software in a report on Friday, September 20th. They set an “outperform” rating and a $328.00 price objective on the stock. Jefferies Financial Group upped their target price on CyberArk Software from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Susquehanna raised their price target on CyberArk Software from $310.00 to $320.00 and gave the stock a “positive” rating in a research note on Friday, August 9th. Finally, Citigroup lifted their price target on CyberArk Software from $305.00 to $310.00 and gave the company a “buy” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $299.64.

Institutional Investors Weigh In On CyberArk Software

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in CyberArk Software by 49.4% in the 3rd quarter. Blue Trust Inc. now owns 1,155 shares of the technology company’s stock valued at $316,000 after purchasing an additional 382 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of CyberArk Software by 26.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,123 shares of the technology company’s stock valued at $1,202,000 after buying an additional 852 shares during the last quarter. Swedbank AB grew its holdings in CyberArk Software by 11.1% in the 3rd quarter. Swedbank AB now owns 457,899 shares of the technology company’s stock worth $133,528,000 after buying an additional 45,799 shares in the last quarter. Creative Planning grew its stake in shares of CyberArk Software by 14.0% in the third quarter. Creative Planning now owns 11,971 shares of the technology company’s stock worth $3,491,000 after purchasing an additional 1,471 shares in the last quarter. Finally, Juncture Wealth Strategies LLC grew its position in CyberArk Software by 2.1% in the third quarter. Juncture Wealth Strategies LLC now owns 2,830 shares of the technology company’s stock worth $825,000 after buying an additional 57 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

CyberArk Software Price Performance

The company has a market cap of $12.85 billion, a P/E ratio of -461.95 and a beta of 1.12. The company has a fifty day simple moving average of $279.70 and a 200-day simple moving average of $260.85.

CyberArk Software (NASDAQ:CYBR) last announced its earnings results on Thursday, August 8th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.14. CyberArk Software had a negative return on equity of 0.21% and a negative net margin of 1.53%. The company had revenue of $224.71 million for the quarter, compared to analyst estimates of $219.06 million. During the same period in the previous year, the firm earned ($0.58) earnings per share. CyberArk Software’s revenue for the quarter was up 27.8% compared to the same quarter last year. On average, analysts anticipate that CyberArk Software Ltd. will post -1.06 EPS for the current year.

About CyberArk Software

CyberArk Software Ltd., together with its subsidiaries, develops, markets, and sells software-based identity security solutions and services in the United States, Europe, the Middle East, Africa, and internationally. Its solutions include Privileged Access Manager, which offers risk-based credential security and session; Vendor Privileged Access Manager combines Privileged Access Manager and Remote Access to provide secure access to third-party vendors; Dynamic Privileged Access, a SaaS solution that provides just-in-time access to Linux Virtual Machines; Endpoint Privilege Manager, a SaaS solution that secures privileges on the endpoint; and Secure Desktop, a solution that protects access to endpoints.