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

CyberArk Software Ltd. (NASDAQ:CYBR)’s share price traded 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. 333,885 shares were traded during mid-day trading, a decline of 36% from the average session volume of 521,368 shares. The stock had previously closed at $291.61.

Other analysts have also recently issued research reports about the stock. Oppenheimer boosted their price objective on shares of CyberArk Software from $310.00 to $360.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $310.00 price target on shares of CyberArk Software in a research report on Tuesday, August 6th. Canaccord Genuity Group upped their price target on shares of CyberArk Software from $310.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler upped their price target on shares of CyberArk Software from $300.00 to $345.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, KeyCorp upped their price target on shares of CyberArk Software from $340.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $328.37.

Institutional Investors Weigh In On CyberArk Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mather Group LLC. bought a new position in shares of CyberArk Software in the second quarter worth approximately $27,000. ORG Partners LLC purchased a new stake in shares of CyberArk Software in the second quarter worth $33,000. Assetmark Inc. grew its stake in CyberArk Software by 1,025.0% during the third quarter. Assetmark Inc. now owns 135 shares of the technology company’s stock valued at $39,000 after acquiring an additional 123 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in CyberArk Software during the second quarter valued at $39,000. Finally, Transcendent Capital Group LLC bought a new position in CyberArk Software during the third quarter valued at $51,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

CyberArk Software Price Performance

The company’s 50-day simple moving average is $283.62 and its 200 day simple moving average is $266.42. The firm has a market cap of $13.13 billion, a P/E ratio of -967.16 and a beta of 1.13.

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.