Pinnacle Associates Ltd. Raises Stake in CyberArk Software Ltd. (NASDAQ:CYBR)

Key Points

• Pinnacle Associates Ltd. increased its holdings in CyberArk Software Ltd. by 106.6% in Q1, owning 2,995 shares valued at $1,012,000.
• Other investors also raised their stakes significantly, with notable increases from Golden State Wealth Management LLC (100.0%) and Bessemer Group Inc. (421.1%).
• CyberArk reported a positive earnings surprise, with $0.98 EPS for the quarter, exceeding the estimate of $0.79, and revenue grew by 43.3% year-over-year.

Pinnacle Associates Ltd. raised its holdings in CyberArk Software Ltd. (NASDAQ:CYBR - Free Report) by 106.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,995 shares of the technology company's stock after purchasing an additional 1,545 shares during the quarter. Pinnacle Associates Ltd.'s holdings in CyberArk Software were worth $1,012,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CYBR. Golden State Wealth Management LLC increased its position in CyberArk Software by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 78 shares of the technology company's stock valued at $26,000 after acquiring an additional 39 shares during the period. Whipplewood Advisors LLC lifted its position in CyberArk Software by 135.3% during the 1st quarter. Whipplewood Advisors LLC now owns 80 shares of the technology company's stock worth $27,000 after acquiring an additional 46 shares during the period. Bessemer Group Inc. grew its stake in shares of CyberArk Software by 421.1% in the 1st quarter. Bessemer Group Inc. now owns 99 shares of the technology company's stock valued at $33,000 after purchasing an additional 80 shares during the last quarter. Morse Asset Management Inc purchased a new position in shares of CyberArk Software in the 1st quarter valued at approximately $34,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of CyberArk Software by 340.0% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 110 shares of the technology company's stock valued at $37,000 after purchasing an additional 85 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

CyberArk Software Stock Performance

CYBR stock opened at $378.72 on Monday. The company has a 50 day moving average price of $386.70 and a two-hundred day moving average price of $365.78. The stock has a market capitalization of $18.72 billion, a P/E ratio of -203.61 and a beta of 1.00. CyberArk Software Ltd. has a one year low of $230.00 and a one year high of $421.00.

CyberArk Software (NASDAQ:CYBR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.19. The business had revenue of $317.60 million for the quarter, compared to analysts' expectations of $305.57 million. CyberArk Software had a positive return on equity of 0.71% and a negative net margin of 7.97%. The business's revenue was up 43.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 earnings per share. Research analysts forecast that CyberArk Software Ltd. will post -0.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Robert W. Baird increased their price target on CyberArk Software from $450.00 to $460.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Cantor Fitzgerald restated an "overweight" rating and set a $420.00 price objective on shares of CyberArk Software in a research report on Tuesday, July 22nd. Royal Bank Of Canada restated an "outperform" rating and issued a $420.00 target price on shares of CyberArk Software in a research note on Tuesday, May 13th. Rosenblatt Securities reiterated a "buy" rating and set a $445.00 price target on shares of CyberArk Software in a research note on Tuesday, May 13th. Finally, DA Davidson boosted their price target on shares of CyberArk Software from $435.00 to $465.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $418.75.

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.

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