Royal Bank of Canada Issues Positive Forecast for CyberArk Software (NASDAQ:CYBR) Stock Price

CyberArk Software (NASDAQ:CYBR - Get Free Report) had its price objective increased by Royal Bank of Canada from $358.00 to $385.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Royal Bank of Canada's price objective points to a potential upside of 13.41% from the stock's previous close.

Several other equities research analysts have also issued reports on the stock. Jefferies Financial Group increased their target price on shares of CyberArk Software from $315.00 to $330.00 and gave the stock a "buy" rating in a research note on Tuesday, September 24th. Truist Financial reiterated a "buy" rating and set a $350.00 price target (up previously from $300.00) on shares of CyberArk Software in a research report on Thursday, November 14th. BTIG Research boosted their price objective on CyberArk Software from $310.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. StockNews.com upgraded CyberArk Software from a "hold" rating to a "buy" rating in a research report on Monday, December 9th. Finally, Canaccord Genuity Group boosted their price target on shares of CyberArk Software from $310.00 to $330.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $345.22.

CyberArk Software Stock Up 1.1 %

Shares of CYBR stock traded up $3.81 on Friday, hitting $339.47. The company had a trading volume of 379,422 shares, compared to its average volume of 568,711. CyberArk Software has a twelve month low of $209.50 and a twelve month high of $348.02. The firm has a market cap of $14.79 billion, a P/E ratio of 1,257.34 and a beta of 1.13. The company has a 50-day moving average price of $311.92 and a 200-day moving average price of $286.97.

CyberArk Software (NASDAQ:CYBR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 13th. The technology company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.48. The company had revenue of $240.10 million during the quarter, compared to the consensus estimate of $234.10 million. CyberArk Software had a return on equity of 2.29% and a net margin of 1.38%. CyberArk Software's revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.31) earnings per share. Equities research analysts expect that CyberArk Software will post -0.58 EPS for the current year.

Hedge Funds Weigh In On CyberArk Software

Several hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in shares of CyberArk Software by 23.0% in the second quarter. Farther Finance Advisors LLC now owns 1,023 shares of the technology company's stock valued at $276,000 after purchasing an additional 191 shares during the period. CIBC Asset Management Inc grew its stake in shares of CyberArk Software by 6.4% in the second quarter. CIBC Asset Management Inc now owns 3,814 shares of the technology company's stock worth $1,043,000 after acquiring an additional 228 shares in the last quarter. Foundations Investment Advisors LLC increased its position in shares of CyberArk Software by 36.7% during the second quarter. Foundations Investment Advisors LLC now owns 2,746 shares of the technology company's stock worth $751,000 after acquiring an additional 737 shares during the period. TD Asset Management Inc raised its stake in shares of CyberArk Software by 3.9% in the second quarter. TD Asset Management Inc now owns 14,466 shares of the technology company's stock valued at $3,955,000 after acquiring an additional 541 shares in the last quarter. Finally, Arcadia Investment Management Corp MI boosted its holdings in CyberArk Software by 42.2% in the second quarter. Arcadia Investment Management Corp MI now owns 182 shares of the technology company's stock valued at $50,000 after purchasing an additional 54 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

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.