DA Davidson Expects Stronger Earnings for CyberArk Software

CyberArk Software Ltd. (NASDAQ:CYBR) – DA Davidson upped their FY2024 earnings per share estimates for shares of CyberArk Software in a research report issued to clients and investors on Thursday, November 14th. DA Davidson analyst R. Kessinger now forecasts that the technology company will post earnings per share of ($0.39) for the year, up from their previous estimate of ($1.02). DA Davidson currently has a “Buy” rating and a $315.00 target price on the stock. The consensus estimate for CyberArk Software’s current full-year earnings is ($0.99) per share. DA Davidson also issued estimates for CyberArk Software’s Q4 2024 earnings at ($0.13) EPS.

CyberArk Software (NASDAQ:CYBR) last issued its quarterly earnings data on Wednesday, November 13th. The technology company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.48. The business had revenue of $240.10 million during the quarter, compared to the consensus estimate of $234.10 million. CyberArk Software had a net margin of 1.38% and a return on equity of 2.29%. The company’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.31) EPS.

CYBR has been the subject of several other reports. UBS Group boosted their target price on CyberArk Software from $340.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Scotiabank initiated coverage on CyberArk Software in a research note on Monday, October 21st. They issued a “sector outperform” rating and a $340.00 price objective for the company. Citigroup raised their target price on shares of CyberArk Software from $305.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Piper Sandler lifted their target price on shares of CyberArk Software from $300.00 to $345.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $310.00 price target on shares of CyberArk Software in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, CyberArk Software has an average rating of “Moderate Buy” and an average target price of $328.37.

CyberArk Software Price Performance

Shares of CYBR opened at $315.00 on Monday. CyberArk Software has a 1-year low of $186.96 and a 1-year high of $318.16. The stock has a market cap of $13.72 billion, a PE ratio of 1,128.15 and a beta of 1.13. The firm has a fifty day moving average price of $285.98 and a 200 day moving average price of $268.00.

Hedge Funds Weigh In On CyberArk Software

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC lifted its stake in shares of CyberArk Software by 0.8% in the third quarter. Jennison Associates LLC now owns 1,211,844 shares of the technology company’s stock valued at $353,386,000 after purchasing an additional 9,570 shares during the period. Groupama Asset Managment increased its holdings in CyberArk Software by 0.5% in the third quarter. Groupama Asset Managment now owns 1,042,767 shares of the technology company’s stock valued at $304,000 after buying an additional 5,402 shares in the last quarter. RGM Capital LLC lifted its position in shares of CyberArk Software by 2.1% during the 2nd quarter. RGM Capital LLC now owns 814,129 shares of the technology company’s stock valued at $222,599,000 after acquiring an additional 16,530 shares during the period. Whale Rock Capital Management LLC boosted its stake in shares of CyberArk Software by 3.3% during the 3rd quarter. Whale Rock Capital Management LLC now owns 460,964 shares of the technology company’s stock worth $134,422,000 after acquiring an additional 14,927 shares in the last quarter. Finally, Swedbank AB grew its holdings 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 worth $133,528,000 after acquiring an additional 45,799 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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.