CyberArk Software (NASDAQ:CYBR) Shares Up 6.1% on Analyst Upgrade

CyberArk Software Ltd. (NASDAQ:CYBR)’s stock price rose 6.1% on Thursday after Royal Bank of Canada raised their price target on the stock from $328.00 to $358.00. Royal Bank of Canada currently has an outperform rating on the stock. CyberArk Software traded as high as $310.92 and last traded at $309.49. Approximately 333,885 shares were traded during trading, a decline of 36% from the average daily volume of 521,368 shares. The stock had previously closed at $291.61.

CYBR has been the topic of several other research reports. Stifel Nicolaus lifted their price objective on CyberArk Software from $306.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp boosted their price target on CyberArk Software from $340.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday. Wells Fargo & Company boosted their price target on CyberArk Software from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $335.00 price target on shares of CyberArk Software in a research note on Thursday. Finally, UBS Group boosted their price target on CyberArk Software from $340.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $328.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC lifted its holdings in CyberArk Software by 0.8% during the 3rd quarter. Jennison Associates LLC now owns 1,211,844 shares of the technology company’s stock worth $353,386,000 after buying an additional 9,570 shares during the period. Groupama Asset Managment lifted its holdings in CyberArk Software by 0.5% during the 3rd quarter. Groupama Asset Managment now owns 1,042,767 shares of the technology company’s stock worth $304,000 after buying an additional 5,402 shares during the period. RGM Capital LLC lifted its holdings in 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 buying an additional 16,530 shares during the period. Whale Rock Capital Management LLC lifted its stake in shares of CyberArk Software by 3.3% in the 3rd quarter. Whale Rock Capital Management LLC now owns 460,964 shares of the technology company’s stock valued at $134,422,000 after purchasing an additional 14,927 shares during the period. Finally, Swedbank AB lifted its stake in shares of CyberArk Software by 11.1% in the 3rd quarter. Swedbank AB now owns 457,899 shares of the technology company’s stock valued at $133,528,000 after purchasing an additional 45,799 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

CyberArk Software Stock Performance

The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 1,130.67 and a beta of 1.13. The business has a 50 day moving average price of $284.25 and a 200-day moving average price of $266.66.

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.