CyberArk Software Maintains Hold Rating with Target Price of $444

Stifel Nicolaus has reaffirmed its hold rating on shares of CyberArk Software (NASDAQ: CYBR), maintaining a target price of $444.00 per share. This announcement was made in a report released on Thursday morning, adding to a growing list of recent assessments from various analysts regarding the technology company’s stock.

In addition to Stifel Nicolaus, several other investment firms have provided their evaluations. On May 13, Rosenblatt Securities reiterated a “buy” rating with a price target of $445.00. Similarly, Cantor Fitzgerald confirmed an “overweight” rating, setting a price objective of $420.00 on July 22. Meanwhile, KeyCorp lowered its price objective from $485.00 to $425.00 while maintaining an “overweight” rating, as per their report on April 17. On the same date as Rosenblatt’s report, Royal Bank of Canada also reaffirmed an “outperform” rating with a price target of $420.00. Furthermore, William Blair assigned a “market perform” rating on shares of CyberArk Software in a report from last Wednesday.

Currently, the consensus among seventeen investment analysts is a hold rating, while fifteen analysts have issued buy ratings. According to data from MarketBeat, CyberArk Software enjoys an average rating of “Hold” with a consensus price target of $433.39.

Quarterly Earnings and Financial Performance

CyberArk Software recently released its quarterly earnings on July 30, 2023. The company reported earnings per share (EPS) of $0.88, surpassing analysts’ expectations of $0.79 by $0.09. The technology firm achieved revenue of $328.03 million, significantly exceeding the anticipated $315.43 million. Year-over-year, CyberArk’s revenue increased by 46.0%, reflecting strong growth in its operations. In the same quarter of the previous year, the company had posted an EPS of $0.54. Analysts predict that CyberArk will report an EPS of -0.47 for the current year, indicating a challenging outlook ahead.

Hedge Fund Activity and Institutional Investments

Institutional investment in CyberArk Software has seen notable activity. Venturi Wealth Management LLC increased its holdings by 3.6% during the first quarter, now owning 834 shares valued at approximately $282,000. Similarly, Prudential PLC raised its stake by 2.4%, holding 1,277 shares worth about $432,000. MAI Capital Management also increased its holdings by 1.1%, owning 2,756 shares valued at $932,000.

Other significant changes include CenterBook Partners LP, which raised its position by 2.4% during the fourth quarter, now owning 1,603 shares valued at around $534,000. In addition, Y.D. More Investments Ltd increased its stake by 0.5%, holding 6,974 shares worth approximately $2,415,000. Overall, hedge funds and institutional investors hold approximately 91.84% of CyberArk’s stock.

CyberArk Software, headquartered in the United States, specializes in identity security solutions and services. Its offerings include a range of products designed to secure privileged access, manage vendor access, and protect endpoint privileges, catering to various markets across the globe.

As the technology sector continues to evolve, CyberArk Software’s performance and investor sentiment will be closely monitored by analysts and stakeholders alike.