CyberArk Software (NASDAQ:CYBR) Hits New 12-Month High After Analyst Upgrade

CyberArk Software Ltd. (NASDAQ:CYBR)’s share price hit a new 52-week high 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. The stock had previously closed at $295.65.

A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird upped their price target on shares of CyberArk Software from $295.00 to $315.00 and gave the company an “outperform” rating in a report on Friday, August 9th. BTIG Research increased their target price on CyberArk Software from $310.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Royal Bank of Canada started coverage on CyberArk Software in a research report on Friday, September 20th. They issued an “outperform” rating and a $328.00 price target on the stock. Mizuho upped their price target on CyberArk Software from $310.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Jefferies Financial Group raised their price objective on shares of CyberArk Software from $315.00 to $330.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $299.64.

Institutional Trading of CyberArk Software

Large investors have recently added to or reduced their stakes in the company. Swedbank AB bought a new stake in CyberArk Software during the 1st quarter worth approximately $109,466,000. 1832 Asset Management L.P. grew its holdings in shares of CyberArk Software by 1,291.7% during the first quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock worth $102,630,000 after purchasing an additional 358,602 shares during the last quarter. Global Assets Advisory LLC bought a new stake in shares of CyberArk Software during the first quarter worth $67,736,000. Anomaly Capital Management LP acquired a new stake in shares of CyberArk Software in the second quarter valued at $49,145,000. Finally, Clearbridge Investments LLC raised its holdings in shares of CyberArk Software by 250.0% in the second quarter. Clearbridge Investments LLC now owns 224,381 shares of the technology company’s stock valued at $61,350,000 after buying an additional 160,269 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

CyberArk Software Stock Performance

The company’s 50-day moving average is $280.22 and its 200-day moving average is $261.10. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of -468.72 and a beta of 1.12.

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. The company had revenue of $224.71 million for the quarter, compared to analyst estimates of $219.06 million. CyberArk Software had a negative net margin of 1.53% and a negative return on equity of 0.21%. CyberArk Software’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.58) earnings per share. On average, analysts predict 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.