CyberArk Software (NASDAQ:CYBR) Given New $358.00 Price Target at Royal Bank of Canada

CyberArk Software (NASDAQ:CYBR) had its target price raised by analysts at Royal Bank of Canada from $328.00 to $358.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 15.67% from the company’s previous close.

CYBR has been the topic of several other reports. Truist Financial restated a “buy” rating and set a $350.00 price objective (up from $300.00) on shares of CyberArk Software in a report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and set a $310.00 price target on shares of CyberArk Software in a research report on Tuesday, August 6th. DA Davidson increased their price objective on CyberArk Software from $285.00 to $315.00 and gave the company a “buy” rating in a report on Friday, August 9th. Scotiabank began coverage on CyberArk Software in a research note on Monday, October 21st. They set a “sector outperform” rating and a $340.00 target price on the stock. Finally, JMP Securities raised their price target on CyberArk Software from $310.00 to $360.00 and gave the stock a “market outperform” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, CyberArk Software currently has a consensus rating of “Moderate Buy” and an average price target of $328.37.

CyberArk Software Stock Performance

CYBR stock traded up $17.88 during midday trading on Thursday, reaching $309.49. The company’s stock had a trading volume of 333,885 shares, compared to its average volume of 521,368. The firm has a market capitalization of $13.48 billion, a price-to-earnings ratio of -967.16 and a beta of 1.13. CyberArk Software has a 1 year low of $183.28 and a 1 year high of $318.16. The stock has a fifty day simple moving average of $283.62 and a two-hundred day simple moving average of $266.42.

Institutional Trading of CyberArk Software

A number of institutional investors have recently made changes to their positions in CYBR. Russell Investments Group Ltd. raised its stake in CyberArk Software by 58.3% in the 1st quarter. Russell Investments Group Ltd. now owns 33,255 shares of the technology company’s stock valued at $8,830,000 after purchasing an additional 12,242 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of CyberArk Software in the first quarter worth about $2,741,000. Price T Rowe Associates Inc. MD boosted its position in CyberArk Software by 715.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 56,262 shares of the technology company’s stock worth $14,946,000 after acquiring an additional 49,360 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in CyberArk Software during the 2nd quarter valued at about $711,000. Finally, 1832 Asset Management L.P. raised its holdings in CyberArk Software by 1,291.7% in the 1st quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock valued at $102,630,000 after acquiring an additional 358,602 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

CyberArk Software Company Profile

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.