CyberArk Software Ltd. (CYBR) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of CyberArk Software Ltd. (NASDAQ:CYBR) from a hold rating to a buy rating in a research note published on Wednesday morning. They currently have $50.00 price objective on the technology company’s stock.
According to Zacks, “Cyber security solution provider, CyberArk recently reported splendid results for Q3 and raised guidance for full year. The company’s fabulous Q3 results, along with an overwhelming future outlook, indicate that its ongoing investment in sales and marketing strategies are paying off. Furthermore, it should be noted that, in 2Q17, the company had reported the slowest revenue growth rate of 14% since its listing in Sep 2014. Prior to that, it was around 25%. Therefore, its Q3 actual growth rate, along with Q4 projection of around 18% suggests a revival, which makes us optimistic about its long-term revenue prospects. Going ahead, CyberArk’s strategy of growing through acquisitions is encouraging. Additionally, investments in product suite and go-to-market sales strategies are the other positives for the company. Notably, the stock has underperformed the industry to which it belongs to in the last one year.”
A number of other research firms also recently issued reports on CYBR. Imperial Capital reduced their price objective on CyberArk Software from $55.00 to $42.00 and set an in-line rating on the stock in a research note on Friday, July 14th. Evercore ISI reaffirmed a buy rating and issued a $56.00 price objective (down previously from $60.00) on shares of CyberArk Software in a research note on Friday, July 14th. JMP Securities reduced their price objective on CyberArk Software from $62.00 to $53.00 and set a market outperform rating on the stock in a research note on Friday, July 14th. Stephens downgraded CyberArk Software from an overweight rating to an equal weight rating and reduced their price objective for the stock from $60.00 to $42.00 in a research note on Friday, July 14th. Finally, Deutsche Bank AG cut CyberArk Software from a buy rating to a hold rating and dropped their target price for the stock from $60.00 to $45.00 in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $49.91.
CyberArk Software (CYBR) traded up $0.63 during trading hours on Wednesday, reaching $44.84. The company’s stock had a trading volume of 370,300 shares, compared to its average volume of 642,089. CyberArk Software has a 1-year low of $39.34 and a 1-year high of $56.25. The company has a market cap of $1,535.92, a P/E ratio of 69.08, a price-to-earnings-growth ratio of 3.62 and a beta of 2.56.
A number of institutional investors and hedge funds have recently bought and sold shares of CYBR. Parametric Portfolio Associates LLC purchased a new position in CyberArk Software during the 1st quarter valued at $662,000. JPMorgan Chase & Co. raised its position in CyberArk Software by 64.6% during the 1st quarter. JPMorgan Chase & Co. now owns 22,375 shares of the technology company’s stock valued at $1,138,000 after purchasing an additional 8,783 shares in the last quarter. SG Americas Securities LLC bought a new stake in CyberArk Software during the 1st quarter valued at $102,000. Wellington Management Group LLP raised its position in CyberArk Software by 67.4% during the 1st quarter. Wellington Management Group LLP now owns 21,497 shares of the technology company’s stock valued at $1,094,000 after purchasing an additional 8,653 shares in the last quarter. Finally, Teachers Advisors LLC raised its position in CyberArk Software by 1.1% during the 1st quarter. Teachers Advisors LLC now owns 336,764 shares of the technology company’s stock valued at $17,131,000 after purchasing an additional 3,771 shares in the last quarter. Institutional investors own 79.02% of the company’s stock.
About CyberArk Software
CyberArk Software Ltd is an Israel-based provider of information technology (IT) security solutions that protects organizations from cyber-attacks. The Company’s software solutions are focused on protecting privileged accounts, which have become a critical target in the lifecycle of cyber-attacks. The Company’s Privileged Account Security Solution consists of various products, such as Shares Technology Platform, Enterprise Password Vault, SSH Key Manager, Privileged Session Manager, Privileged Threat Analytics, Application Identity Manager, CyberArk-Conjur, Endpoint Privilege Manager and On-Demand Privileges Manager.
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