Evercore ISI set a $56.00 target price on CyberArk Software Ltd. (NASDAQ:CYBR) in a research note issued to investors on Wednesday morning. The brokerage currently has a buy rating on the technology company’s stock.
“We are less concerned with the perception of increased competition as we believe that resellers are properly incentivized to aid in selling CyberArk solutions. This should be further bolstered by leveraging GDPR as a catalyst for customer discussions. We continue to believe that CYBR has considerable room to grow in a market growing at a ~27% CAGR, further de-risked by the expansion opportunity of existing customers and the positive catalyst derived from the forthcoming implementation of GDPR (see our note). The stock was flattish in the after-market which is not surprising, but with what we believe to be de-risked numbers into 2H (including a weaker outlook for 3Q topline as expected) and a valuation that is the second lowest since the February 2016 market sell-off (~14x EV/F18 FCF) we continue to view this as a buying opportunity.”,” the firm’s analyst commented.
Other research analysts also recently issued reports about the stock. BidaskClub upgraded shares of CyberArk Software from a buy rating to a strong-buy rating in a report on Saturday, July 1st. UBS AG reiterated a neutral rating and set a $52.00 price target (down from $57.00) on shares of CyberArk Software in a report on Friday, July 14th. Cowen and Company reiterated a market perform rating and set a $43.00 price target (down from $53.00) on shares of CyberArk Software in a report on Friday, July 14th. J P Morgan Chase & Co downgraded shares of CyberArk Software from an overweight rating to a neutral rating and lowered their price target for the stock from $63.00 to $45.00 in a report on Friday, July 14th. Finally, Bank of America Corporation downgraded shares of CyberArk Software from a buy rating to an underperform rating and lowered their price target for the stock from $62.00 to $43.00 in a report on Friday, May 12th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. CyberArk Software presently has a consensus rating of Hold and an average price target of $51.17.
CyberArk Software (NASDAQ CYBR) opened at 40.07 on Wednesday. The stock’s 50 day moving average is $44.90 and its 200 day moving average is $49.41. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 51.44 and a beta of 2.57. CyberArk Software has a 12-month low of $39.57 and a 12-month high of $59.28.
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Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of CyberArk Software during the first quarter worth $102,000. BNP Paribas Arbitrage SA increased its stake in shares of CyberArk Software by 198.4% in the second quarter. BNP Paribas Arbitrage SA now owns 3,796 shares of the technology company’s stock worth $190,000 after buying an additional 2,524 shares during the last quarter. Advisor Group Inc. increased its stake in shares of CyberArk Software by 6.4% in the second quarter. Advisor Group Inc. now owns 3,874 shares of the technology company’s stock worth $193,000 after buying an additional 232 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of CyberArk Software during the first quarter worth $201,000. Finally, Eastern Bank acquired a new stake in shares of CyberArk Software during the first quarter worth $203,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.
CyberArk Software Company Profile
CyberArk Software Ltd is an Israel-based provider of information technology (IT) security solutions that protects organizations from cyber-attacks. The Company’s software solutions are focused on protecting privileged accounts, which have become a critical target in the lifecycle of cyber-attacks. The Company’s Privileged Account Security Solution consists of various products, such as Shares Technology Platform, Enterprise Password Vault, SSH Key Manager, Privileged Session Manager, Privileged Threat Analytics, Application Identity Manager, CyberArk-Conjur, Endpoint Privilege Manager and On-Demand Privileges Manager.
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