Needham & Company LLC Reaffirms “Buy” Rating for CyberArk Software (NASDAQ:CYBR)

CyberArk Software (NASDAQ:CYBR)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $480.00 target price on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 29.67% from the company’s previous close.

Several other brokerages have also weighed in on CYBR. Piper Sandler increased their price objective on CyberArk Software from $380.00 to $440.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Robert W. Baird increased their price target on CyberArk Software from $455.00 to $465.00 and gave the stock an “outperform” rating in a report on Tuesday. Canaccord Genuity Group boosted their price objective on shares of CyberArk Software from $330.00 to $440.00 and gave the company a “buy” rating in a report on Friday, February 14th. Oppenheimer upped their target price on shares of CyberArk Software from $360.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, February 5th. Finally, Susquehanna lifted their price target on shares of CyberArk Software from $320.00 to $345.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $416.67.

CyberArk Software Stock Performance

NASDAQ:CYBR opened at $370.18 on Wednesday. CyberArk Software has a one year low of $223.41 and a one year high of $421.00. The stock has a market cap of $16.13 billion, a PE ratio of -189.84 and a beta of 1.15. The stock has a 50 day moving average price of $357.54 and a 200 day moving average price of $314.85.

CyberArk Software (NASDAQ:CYBR) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.85). CyberArk Software had a positive return on equity of 0.45% and a negative net margin of 9.34%. As a group, analysts predict that CyberArk Software will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its stake in CyberArk Software by 40.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,363 shares of the technology company’s stock worth $689,000 after purchasing an additional 681 shares during the last quarter. First Trust Direct Indexing L.P. purchased a new stake in shares of CyberArk Software during the 3rd quarter worth approximately $383,000. Pinnacle Associates Ltd. boosted its holdings in shares of CyberArk Software by 6.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 1,550 shares of the technology company’s stock valued at $452,000 after buying an additional 100 shares in the last quarter. Diversify Wealth Management LLC raised its stake in CyberArk Software by 11.8% during the 3rd quarter. Diversify Wealth Management LLC now owns 2,230 shares of the technology company’s stock worth $644,000 after acquiring an additional 236 shares in the last quarter. Finally, Financial Advocates Investment Management boosted its stake in CyberArk Software by 7.0% in the third quarter. Financial Advocates Investment Management now owns 1,404 shares of the technology company’s stock valued at $409,000 after acquiring an additional 92 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.