CyberArk Software’s (CYBR) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of CyberArk Software (NASDAQ:CYBR) in a report published on Friday, Benzinga reports. Needham & Company LLC currently has a $310.00 target price on the technology company’s stock.

Several other research firms also recently commented on CYBR. Bank of America reiterated a buy rating and issued a $315.00 price target on shares of CyberArk Software in a research report on Wednesday, April 24th. Truist Financial increased their target price on shares of CyberArk Software from $250.00 to $300.00 and gave the stock a buy rating in a research note on Friday, February 9th. Morgan Stanley cut CyberArk Software from an overweight rating to an equal weight rating and boosted their price target for the company from $195.00 to $240.00 in a research report on Tuesday, January 9th. Oppenheimer increased their price objective on CyberArk Software from $195.00 to $260.00 and gave the stock an outperform rating in a research report on Monday, January 8th. Finally, KeyCorp boosted their target price on CyberArk Software from $274.00 to $305.00 and gave the company an overweight rating in a report on Friday, February 9th. Two equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, CyberArk Software currently has an average rating of Moderate Buy and an average target price of $265.63.

CyberArk Software Price Performance

NASDAQ CYBR opened at $235.64 on Friday. The company has a fifty day moving average of $253.97 and a two-hundred day moving average of $227.15. The company has a market capitalization of $9.96 billion, a PE ratio of -368.19 and a beta of 1.06. CyberArk Software has a 1 year low of $133.84 and a 1 year high of $283.00.

CyberArk Software (NASDAQ:CYBR) last posted its earnings results on Thursday, February 8th. The technology company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.53. The business had revenue of $223.10 million during the quarter, compared to the consensus estimate of $209.65 million. CyberArk Software had a negative return on equity of 2.51% and a negative net margin of 3.20%. On average, research analysts expect that CyberArk Software will post -1.46 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Jennison Associates LLC lifted its stake in CyberArk Software by 81.4% in the 4th quarter. Jennison Associates LLC now owns 1,053,964 shares of the technology company’s stock valued at $230,871,000 after buying an additional 472,961 shares in the last quarter. Norges Bank acquired a new stake in shares of CyberArk Software during the fourth quarter valued at $100,797,000. Global Assets Advisory LLC purchased a new stake in CyberArk Software during the 1st quarter worth about $67,736,000. Contour Asset Management LLC acquired a new position in CyberArk Software in the 4th quarter valued at about $48,605,000. Finally, Acadian Asset Management LLC lifted its holdings in CyberArk Software by 226.3% in the 3rd quarter. Acadian Asset Management LLC now owns 295,893 shares of the technology company’s stock valued at $48,434,000 after purchasing an additional 205,224 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.