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

CyberArk Software Ltd. (NASDAQ:CYBR) shares were up 6.1% during trading 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 mid-day trading, a decline of 36% from the average daily volume of 521,368 shares. The stock had previously closed at $291.61.

A number of other brokerages have also issued reports on CYBR. UBS Group boosted their target price on CyberArk Software from $340.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday. DA Davidson boosted their target price on CyberArk Software from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Mizuho boosted 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. Citigroup boosted their target price on CyberArk Software from $305.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Oppenheimer boosted their target price on CyberArk Software from $310.00 to $360.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $328.37.

Hedge Funds Weigh In On CyberArk Software

Large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its position in shares of CyberArk Software by 58.3% during the 1st quarter. Russell Investments Group Ltd. now owns 33,255 shares of the technology company’s stock worth $8,830,000 after purchasing an additional 12,242 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of CyberArk Software during the first quarter valued at approximately $2,741,000. Price T Rowe Associates Inc. MD grew its stake in shares of CyberArk Software by 715.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 56,262 shares of the technology company’s stock valued at $14,946,000 after purchasing an additional 49,360 shares during the last quarter. Ensign Peak Advisors Inc bought a new position in CyberArk Software in the second quarter valued at approximately $711,000. Finally, 1832 Asset Management L.P. raised its holdings in CyberArk Software by 1,291.7% in the first quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock worth $102,630,000 after purchasing an additional 358,602 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

CyberArk Software Stock Up 6.0 %

The company’s fifty day simple moving average is $283.62 and its two-hundred day simple moving average is $266.42. The company has a market capitalization of $13.46 billion, a price-to-earnings ratio of -967.16 and a beta of 1.13.

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.