Canaccord Genuity Group Reaffirms Hold Rating for CyberArk Software (NASDAQ:CYBR)

Key Points

• Canaccord Genuity Group has reaffirmed a hold rating for CyberArk Software, adjusting their price target from $440.00 to $502.00, indicating a potential upside of 2.18%.
• CyberArk Software reported a 46.0% increase in quarterly revenue to $328.03 million, surpassing analysts' expectations of $315.43 million.
• Currently, the stock holds a consensus rating of "Hold" from analysts, with a target price average of $448.85, reflecting a cautious outlook among market analysts.

CyberArk Software (NASDAQ:CYBR - Get Free Report)'s stock had its "hold" rating restated by investment analysts at Canaccord Genuity Group in a research report issued on Wednesday,Benzinga reports. They presently have a $502.00 price target on the technology company's stock, up from their prior price target of $440.00. Canaccord Genuity Group's target price points to a potential upside of 2.18% from the company's previous close.

Several other equities research analysts have also recently issued reports on the stock. Stephens cut shares of CyberArk Software from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 31st. Rosenblatt Securities cut shares of CyberArk Software from a "strong-buy" rating to a "hold" rating and set a $445.00 price objective for the company. in a research report on Friday, August 1st. Piper Sandler restated a "neutral" rating and set a $448.00 price objective (up from $440.00) on shares of CyberArk Software in a research report on Thursday, July 31st. Oppenheimer reiterated a "market perform" rating on shares of CyberArk Software in a research report on Friday, August 1st. Finally, William Blair cut shares of CyberArk Software from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. Based on data from MarketBeat.com, CyberArk Software presently has a consensus rating of "Hold" and a consensus target price of $448.85.

CyberArk Software Price Performance

Shares of NASDAQ CYBR opened at $491.30 on Wednesday. The firm has a 50-day simple moving average of $461.91 and a 200-day simple moving average of $402.83. The stock has a market capitalization of $24.80 billion, a price-to-earnings ratio of -145.79 and a beta of 1.01. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.53. CyberArk Software has a 52 week low of $271.68 and a 52 week high of $514.28.

CyberArk Software (NASDAQ:CYBR - Get Free Report) last issued its earnings results on Wednesday, July 30th. The technology company reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.09. The business had revenue of $328.03 million during the quarter, compared to analysts' expectations of $315.43 million. CyberArk Software had a negative net margin of 13.78% and a positive return on equity of 0.44%. The company's quarterly revenue was up 46.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. On average, equities analysts predict that CyberArk Software will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CYBR. Farther Finance Advisors LLC lifted its stake in CyberArk Software by 1,104.3% in the first quarter. Farther Finance Advisors LLC now owns 843 shares of the technology company's stock worth $294,000 after acquiring an additional 773 shares during the last quarter. Yousif Capital Management LLC lifted its stake in CyberArk Software by 9.1% in the first quarter. Yousif Capital Management LLC now owns 2,235 shares of the technology company's stock worth $755,000 after acquiring an additional 187 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in CyberArk Software by 14.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,453 shares of the technology company's stock worth $1,167,000 after acquiring an additional 431 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in CyberArk Software by 17.1% in the first quarter. Dynamic Advisor Solutions LLC now owns 1,455 shares of the technology company's stock worth $492,000 after acquiring an additional 212 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new position in CyberArk Software in the first quarter worth approximately $226,000. Hedge funds and other institutional investors 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.

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