Wells Fargo & Company Forecasts Strong Price Appreciation for CyberArk Software (NASDAQ:CYBR) Stock

CyberArk Software (NASDAQ:CYBR) had its price objective hoisted by Wells Fargo & Company from $300.00 to $350.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other research firms have also issued reports on CYBR. KeyCorp upped their target price on CyberArk Software from $340.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday. Royal Bank of Canada began coverage on CyberArk Software in a research report on Friday, September 20th. They set an “outperform” rating and a $328.00 price target on the stock. Wedbush boosted their price target on CyberArk Software from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Rosenblatt Securities reissued a “buy” rating and set a $310.00 price target on shares of CyberArk Software in a research report on Tuesday, August 6th. Finally, Robert W. Baird boosted their price target on CyberArk Software from $315.00 to $355.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.37.

CyberArk Software Stock Performance

CYBR opened at $305.27 on Thursday. CyberArk Software has a 52-week low of $183.28 and a 52-week high of $318.16. The firm has a market capitalization of $13.30 billion, a PE ratio of 1,130.63 and a beta of 1.13. The business’s 50-day simple moving average is $285.06 and its 200 day simple moving average is $267.28.

CyberArk Software (NASDAQ:CYBR) last released its earnings results on Wednesday, November 13th. The technology company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.48. CyberArk Software had a return on equity of 2.29% and a net margin of 1.38%. The business had revenue of $240.10 million for the quarter, compared to analyst estimates of $234.10 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. CyberArk Software’s revenue was up 25.6% on a year-over-year basis. On average, research analysts forecast that CyberArk Software will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On CyberArk Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYBR. Swedbank AB bought a new stake in CyberArk Software during the first quarter worth $109,466,000. 1832 Asset Management L.P. lifted its stake in CyberArk Software by 1,291.7% during 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 last quarter. International Assets Investment Management LLC bought a new stake in CyberArk Software during the third quarter worth $82,485,000. Anomaly Capital Management LP bought a new stake in CyberArk Software during the second quarter worth $49,145,000. Finally, Clearbridge Investments LLC lifted its stake in CyberArk Software by 250.0% during the second quarter. Clearbridge Investments LLC now owns 224,381 shares of the technology company’s stock worth $61,350,000 after purchasing an additional 160,269 shares during the last quarter. 91.84% of the stock is currently owned by 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.