Zacks Investment Research upgraded shares of CyberArk Software Ltd. (NASDAQ:CYBR) from a hold rating to a buy rating in a research note issued to investors on Wednesday, November 8th. Zacks Investment Research currently has $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 equities research analysts have also issued reports on the company. Evercore ISI reiterated a buy rating and issued a $56.00 target price (down previously from $60.00) on shares of CyberArk Software in a research note on Friday, July 14th. J P Morgan Chase & Co downgraded CyberArk Software from an overweight rating to a neutral rating and reduced their price target for the company from $63.00 to $45.00 in a report on Friday, July 14th. ValuEngine downgraded CyberArk Software from a hold rating to a sell rating in a report on Friday, September 1st. Piper Jaffray Companies reissued a buy rating and issued a $50.00 price target on shares of CyberArk Software in a report on Friday, November 3rd. Finally, BidaskClub downgraded CyberArk Software from a strong-buy rating to a buy rating in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. CyberArk Software has a consensus rating of Buy and a consensus target price of $49.91.
Several hedge funds have recently modified their holdings of CYBR. Parametric Portfolio Associates LLC acquired a new position in shares of CyberArk Software during the 1st quarter valued at $662,000. JPMorgan Chase & Co. boosted its stake in shares of CyberArk Software by 64.6% during the 1st quarter. JPMorgan Chase & Co. now owns 22,375 shares of the technology company’s stock worth $1,138,000 after acquiring an additional 8,783 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of CyberArk Software during the 1st quarter worth $102,000. Wellington Management Group LLP boosted its stake in shares of CyberArk Software by 67.4% during the 1st quarter. Wellington Management Group LLP now owns 21,497 shares of the technology company’s stock worth $1,094,000 after acquiring an additional 8,653 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of CyberArk Software by 1.1% during the 1st quarter. Teachers Advisors LLC now owns 336,764 shares of the technology company’s stock worth $17,131,000 after acquiring an additional 3,771 shares in the last quarter. Institutional investors own 76.67% of the company’s stock.
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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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