Needham & Company LLC Forecasts Strong Price Appreciation for CyberArk Software (NASDAQ:CYBR) Stock

CyberArk Software (NASDAQ:CYBR) had its target price boosted by equities research analysts at Needham & Company LLC from $360.00 to $410.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 19.00% from the stock’s previous close.

Several other analysts have also issued reports on the company. Oppenheimer upped their target price on CyberArk Software from $310.00 to $360.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Canaccord Genuity Group increased their target price on shares of CyberArk Software from $310.00 to $330.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $316.00 target price on shares of CyberArk Software in a research report on Tuesday, December 31st. JPMorgan Chase & Co. raised their price objective on CyberArk Software from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Finally, BTIG Research lifted their price objective on CyberArk Software from $310.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $350.22.

CyberArk Software Price Performance

Shares of NASDAQ:CYBR opened at $344.55 on Thursday. The company’s fifty day moving average price is $315.48 and its 200-day moving average price is $289.05. The firm has a market capitalization of $15.01 billion, a price-to-earnings ratio of 1,276.16 and a beta of 1.13. CyberArk Software has a one year low of $213.37 and a one year high of $348.29.

CyberArk Software (NASDAQ:CYBR) last released its earnings results on Wednesday, November 13th. The technology company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.48. CyberArk Software had a return on equity of 2.29% and a net margin of 1.38%. The business had revenue of $240.10 million for the quarter, compared to analysts’ expectations of $234.10 million. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. The firm’s revenue was up 25.6% on a year-over-year basis. As a group, equities research analysts expect that CyberArk Software will post -0.58 EPS for the current year.

Institutional Investors Weigh In On CyberArk Software

Hedge funds have recently made changes to their positions in the company. Fulton Bank N.A. grew its holdings in CyberArk Software by 4.7% in the fourth quarter. Fulton Bank N.A. now owns 1,994 shares of the technology company’s stock worth $664,000 after purchasing an additional 90 shares during the period. Capital Market Strategies LLC bought a new stake in shares of CyberArk Software in the 4th quarter worth approximately $827,000. Silverleafe Capital Partners LLC purchased a new stake in shares of CyberArk Software in the 4th quarter worth approximately $799,000. Nordea Investment Management AB increased its position in CyberArk Software by 7.9% during the 4th quarter. Nordea Investment Management AB now owns 3,024 shares of the technology company’s stock valued at $993,000 after buying an additional 221 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in CyberArk Software during the fourth quarter valued at $860,000. 91.84% of the stock is currently owned by institutional investors.

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.