CyberArk Software (NASDAQ:CYBR) Sees Strong Trading Volume Following Analyst Upgrade

Shares of CyberArk Software Ltd. (NASDAQ:CYBR) saw an uptick in trading volume on Monday after KeyCorp raised their price target on the stock from $310.00 to $340.00. KeyCorp currently has an overweight rating on the stock. 937,484 shares were traded during mid-day trading, an increase of 81% from the previous session’s volume of 519,213 shares.The stock last traded at $299.12 and had previously closed at $299.98.

Other analysts have also recently issued research reports about the stock. BTIG Research lifted their price target on shares of CyberArk Software from $310.00 to $325.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Jefferies Financial Group raised their price objective on shares of CyberArk Software from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Mizuho increased their target price on CyberArk Software from $310.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Susquehanna upped their price target on CyberArk Software from $310.00 to $320.00 and gave the stock a “positive” rating in a research note on Friday, August 9th. Finally, Citigroup raised their price objective on CyberArk Software from $305.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $301.19.

Hedge Funds Weigh In On CyberArk Software

A number of institutional investors and hedge funds have recently modified their holdings of CYBR. RGM Capital LLC boosted its position 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 purchasing an additional 16,530 shares in the last quarter. Whale Rock Capital Management LLC raised its position in shares of CyberArk Software by 21.6% in the first quarter. Whale Rock Capital Management LLC now owns 459,828 shares of the technology company’s stock valued at $122,144,000 after buying an additional 81,801 shares during the last quarter. Swedbank AB increased its stake in shares of CyberArk Software by 11.1% during the 3rd quarter. Swedbank AB now owns 457,899 shares of the technology company’s stock valued at $133,528,000 after acquiring an additional 45,799 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of CyberArk Software by 38.2% in the 1st quarter. Acadian Asset Management LLC now owns 405,375 shares of the technology company’s stock valued at $107,642,000 after purchasing an additional 112,112 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in CyberArk Software by 1,291.7% during the 1st quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock valued at $102,630,000 after acquiring an additional 358,602 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

CyberArk Software Stock Performance

The stock has a market capitalization of $12.68 billion, a P/E ratio of -468.84 and a beta of 1.12. The stock has a 50 day moving average of $280.81 and a 200 day moving average of $261.38.

CyberArk Software (NASDAQ:CYBR) last announced its earnings results on Thursday, August 8th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.14. CyberArk Software had a negative return on equity of 0.21% and a negative net margin of 1.53%. The business had revenue of $224.71 million during the quarter, compared to analysts’ expectations of $219.06 million. During the same quarter last year, the business posted ($0.58) earnings per share. The company’s quarterly revenue was up 27.8% on a year-over-year basis. On average, research analysts anticipate that CyberArk Software Ltd. will post -1.06 EPS for the current fiscal year.

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.