CyberArk Software (NASDAQ:CYBR) Given New $551.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has raised the price target for CyberArk Software from $460.00 to $551.00, indicating a potential upside of 30.25% from the previous close.
• CyberArk reported a 43.3% increase in quarterly revenue year-over-year, with earnings per share of $0.98, surpassing analysts' expectations of $0.79.
• The stock is currently rated as a "Moderate Buy" on average, with a significant majority of analysts recommending a buy rating, highlighting broad confidence in the company's growth prospects.

CyberArk Software (NASDAQ:CYBR - Get Free Report) had its price objective lifted by equities research analysts at Needham & Company LLC from $460.00 to $551.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price indicates a potential upside of 33.09% from the stock's current price.

Several other brokerages have also weighed in on CYBR. Rosenblatt Securities reiterated a "buy" rating and set a $445.00 target price on shares of CyberArk Software in a research report on Tuesday, May 13th. Stephens assumed coverage on CyberArk Software in a report on Tuesday, April 1st. They set an "overweight" rating and a $440.00 price objective on the stock. William Blair reissued a "market perform" rating on shares of CyberArk Software in a report on Wednesday. Robert W. Baird boosted their price target on CyberArk Software from $450.00 to $460.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Finally, Barclays upped their price objective on shares of CyberArk Software from $405.00 to $440.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Seventeen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $433.39.

CyberArk Software Stock Performance

NASDAQ CYBR traded up $2.53 during trading on Wednesday, hitting $414.00. The company's stock had a trading volume of 3,227,349 shares, compared to its average volume of 2,003,482. CyberArk Software has a 52 week low of $230.00 and a 52 week high of $452.00. The firm has a market cap of $20.46 billion, a P/E ratio of -122.85 and a beta of 0.96. The firm has a 50 day moving average price of $391.99 and a 200 day moving average price of $368.01. The company has a quick ratio of 1.29, a current ratio of 2.31 and a debt-to-equity ratio of 0.53.

CyberArk Software (NASDAQ:CYBR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.09. CyberArk Software had a negative net margin of 13.78% and a positive return on equity of 0.44%. The company had revenue of $328.03 million for the quarter, compared to the consensus estimate of $315.43 million. During the same quarter in the previous year, the firm posted $0.54 EPS. The business's revenue was up 46.0% compared to the same quarter last year. Equities research analysts forecast that CyberArk Software will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CyberArk Software

A number of large investors have recently added to or reduced their stakes in CYBR. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in CyberArk Software by 21.7% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 18,644 shares of the technology company's stock valued at $7,586,000 after purchasing an additional 3,320 shares during the period. Peregrine Capital Management LLC boosted its stake in shares of CyberArk Software by 1.6% in the second quarter. Peregrine Capital Management LLC now owns 38,732 shares of the technology company's stock valued at $15,759,000 after buying an additional 613 shares during the period. AustralianSuper Pty Ltd acquired a new stake in CyberArk Software during the second quarter worth approximately $45,342,000. Aequim Alternative Investments LP bought a new position in CyberArk Software during the 2nd quarter worth $5,178,000. Finally, Rational Advisors Inc. raised its holdings in CyberArk Software by 44.3% in the 2nd quarter. Rational Advisors Inc. now owns 14,000 shares of the technology company's stock valued at $5,696,000 after acquiring an additional 4,300 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

CyberArk Software Company Profile

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.