Cyberark Software Ltd (NASDAQ:CYBR) has reached an impressive milestone, with its stock price soaring to an all-time high of $333.58. According to InvestingPro data, the stock appears overvalued at current levels, though analysts see potential upside with price targets reaching $400. This peak reflects a significant surge in investor confidence, as evidenced by the stock’s remarkable 51.53% climb over the past year. The company, a leader in cybersecurity solutions with an impressive 81% gross profit margin and 30% revenue growth, has been riding a wave of heightened demand for advanced security protocols amidst an increasingly digital and remote workforce. This all-time high represents not only a triumph for the now $14.5 billion market cap Cyberark but also signals a robust interest in cybersecurity investments as businesses around the globe prioritize protecting their digital assets. InvestingPro subscribers can access 12 additional investment tips and a comprehensive Pro Research Report for deeper analysis.
In other recent news, CyberArk Software (ETR:SOWGn) has demonstrated robust financial performance, with a record total revenue of $240.1 million in the third quarter, a 26% year-over-year increase, and an Annual Recurring Revenue (ARR) of $926 million, reflecting a growth of 31.3%. The company anticipates Q4 revenue to range between $297 million and $303 million, surpassing the consensus estimate of $259.7 million. Non-GAAP operating income is also expected to fall in the range of $43.5 million to $48.5 million.
CyberArk has also initiated a secondary public offering of its ordinary shares, held by Triton Seller, an affiliate of Thoma Bravo, with all proceeds going to the selling shareholder. The shares are being marketed by BofA Securities.
In analyst news, Morgan Stanley (NYSE:MS) reaffirmed its Equalweight rating for CyberArk, while Baird increased the price target to $370 and retained an Outperform rating. Citi also maintained its Buy rating and increased the price target to $355. Rosenblatt Securities sustained its Buy rating with a price target of $345.
These recent developments come in the wake of a significant cybersecurity breach involving the U.S. Treasury Department, potentially positioning CyberArk as a preferred provider for the U.S. government’s Privileged Access Management (PAM) needs. Lastly, CFO Josh Siegel is stepping down after a 13-year tenure, to be succeeded by Erica Smith.
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