Royal Bank of Canada Reiterates “Outperform” Rating for CyberArk Software (NASDAQ:CYBR)

CyberArk Software (NASDAQ:CYBR)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank of Canada in a note issued to investors on Friday,Benzinga reports. They presently have a $420.00 target price on the technology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 20.19% from the stock’s current price.

Several other research firms also recently issued reports on CYBR. Scotiabank boosted their price objective on shares of CyberArk Software from $340.00 to $400.00 and gave the stock a “sector outperform” rating in a report on Tuesday, January 21st. Guggenheim restated a “buy” rating and set a $455.00 price target on shares of CyberArk Software in a research note on Tuesday, February 25th. Barclays raised their price objective on CyberArk Software from $375.00 to $450.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. DA Davidson restated a “buy” rating and issued a $475.00 target price on shares of CyberArk Software in a research note on Tuesday, February 25th. Finally, Oppenheimer raised their target price on CyberArk Software from $360.00 to $420.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, CyberArk Software has an average rating of “Moderate Buy” and an average price target of $418.39.

CyberArk Software Stock Performance

Shares of NASDAQ:CYBR opened at $349.44 on Friday. CyberArk Software has a 52-week low of $223.41 and a 52-week high of $421.00. The company has a market cap of $17.27 billion, a P/E ratio of -179.20 and a beta of 1.00. The stock’s 50-day moving average is $356.48 and its 200-day moving average is $330.68.

CyberArk Software (NASDAQ:CYBR) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.71 by ($0.85). CyberArk Software had a positive return on equity of 0.45% and a negative net margin of 9.34%. As a group, equities analysts predict that CyberArk Software will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CYBR. Congress Asset Management Co. increased its position in CyberArk Software by 304.2% in the first quarter. Congress Asset Management Co. now owns 332,770 shares of the technology company’s stock worth $112,476,000 after purchasing an additional 250,441 shares during the period. Clare Market Investments LLC bought a new position in shares of CyberArk Software in the 1st quarter valued at about $203,000. Portside Wealth Group LLC raised its stake in shares of CyberArk Software by 8.1% during the first quarter. Portside Wealth Group LLC now owns 1,227 shares of the technology company’s stock worth $409,000 after buying an additional 92 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in CyberArk Software by 2.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 7,363 shares of the technology company’s stock valued at $2,489,000 after buying an additional 154 shares during the period. Finally, Viking Fund Management LLC bought a new position in CyberArk Software in the first quarter valued at approximately $1,014,000. Institutional investors 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.