Royal Bank of Canada Boosts CyberArk Software (NASDAQ:CYBR) Price Target to $385.00

CyberArk Software (NASDAQ:CYBR) had its price objective lifted by equities research analysts at Royal Bank of Canada from $358.00 to $385.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price points to a potential upside of 13.95% from the stock’s previous close.

A number of other equities analysts also recently commented on CYBR. Susquehanna lifted their price target on CyberArk Software from $320.00 to $345.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $335.00 target price on shares of CyberArk Software in a research report on Thursday, November 14th. Truist Financial reissued a “buy” rating and set a $350.00 price target (up from $300.00) on shares of CyberArk Software in a research report on Thursday, November 14th. Stifel Nicolaus lifted their price objective on shares of CyberArk Software from $335.00 to $370.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $316.00 target price on shares of CyberArk Software in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $345.22.

CyberArk Software Stock Up 0.7 %

Shares of NASDAQ CYBR traded up $2.21 on Friday, hitting $337.87. The company had a trading volume of 122,309 shares, compared to its average volume of 436,758. The firm has a market capitalization of $14.72 billion, a P/E ratio of 1,251.42 and a beta of 1.13. CyberArk Software has a 12-month low of $209.50 and a 12-month high of $348.02. The business has a 50 day moving average of $310.94 and a two-hundred day moving average of $286.38.

CyberArk Software (NASDAQ:CYBR) last posted its quarterly earnings data on Wednesday, November 13th. The technology company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.48. The company had revenue of $240.10 million during the quarter, compared to analysts’ expectations of $234.10 million. CyberArk Software had a net margin of 1.38% and a return on equity of 2.29%. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.31) EPS. On average, sell-side analysts anticipate that CyberArk Software will post -0.58 earnings per share for the current year.

Hedge Funds Weigh In On CyberArk Software

Several hedge funds have recently made changes to their positions in the business. Jennison Associates LLC boosted its holdings in CyberArk Software by 0.8% during the third quarter. Jennison Associates LLC now owns 1,211,844 shares of the technology company’s stock worth $353,386,000 after buying an additional 9,570 shares in the last quarter. Groupama Asset Managment boosted its stake in shares of CyberArk Software by 0.5% during the 3rd quarter. Groupama Asset Managment now owns 1,042,767 shares of the technology company’s stock worth $304,000 after acquiring an additional 5,402 shares in the last quarter. RGM Capital LLC boosted its stake in shares of CyberArk Software by 2.1% during the 2nd quarter. RGM Capital LLC now owns 814,129 shares of the technology company’s stock worth $222,599,000 after acquiring an additional 16,530 shares in the last quarter. Whale Rock Capital Management LLC grew its holdings in shares of CyberArk Software by 3.3% in the 3rd quarter. Whale Rock Capital Management LLC now owns 460,964 shares of the technology company’s stock worth $134,422,000 after acquiring an additional 14,927 shares during the last quarter. Finally, Swedbank AB boosted its position in shares of CyberArk Software by 11.1% in the 3rd quarter. Swedbank AB now owns 457,899 shares of the technology company’s stock valued at $133,528,000 after purchasing an additional 45,799 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.