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

CyberArk Software Ltd. (NASDAQ:CYBR)’s share price was up 6.1% 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 changed hands 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.

CYBR has been the topic of several other research reports. Wells Fargo & Company upped their target price on CyberArk Software from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $310.00 price objective on shares of CyberArk Software in a research note on Friday, August 9th. Stifel Nicolaus increased their price objective on CyberArk Software from $306.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and set a $310.00 price objective on shares of CyberArk Software in a research note on Tuesday, August 6th. Finally, Truist Financial reissued a “buy” rating and issued a $350.00 price target (up from $300.00) on shares of CyberArk Software in a research note on Thursday. One investment 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 a consensus price target of $328.37.

Institutional Trading of CyberArk Software

Several hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its stake in CyberArk Software by 0.8% during the 3rd quarter. Jennison Associates LLC now owns 1,211,844 shares of the technology company’s stock valued at $353,386,000 after acquiring an additional 9,570 shares in the last quarter. RGM Capital LLC raised its stake in 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 in the last quarter. Whale Rock Capital Management LLC raised its stake in shares of CyberArk Software by 21.6% in the 1st quarter. Whale Rock Capital Management LLC now owns 459,828 shares of the technology company’s stock worth $122,144,000 after buying an additional 81,801 shares in the last quarter. Swedbank AB raised its stake 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 buying an additional 45,799 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of CyberArk Software by 38.2% in the 1st quarter. Acadian Asset Management LLC now owns 405,375 shares of the technology company’s stock worth $107,642,000 after buying an additional 112,112 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

CyberArk Software Stock Performance

The stock has a 50 day moving average price of $283.62 and a 200 day moving average price of $266.42. The company has a market cap of $13.46 billion, a P/E ratio of -967.16 and a beta of 1.13.

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.