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

CyberArk Software Ltd. (NASDAQ:CYBR) rose 6.1% during trading 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 were traded during trading, a decline of 36% from the average daily volume of 521,368 shares. The stock had previously closed at $291.61.

Several other equities research analysts have also commented on CYBR. UBS Group boosted their price objective on shares of CyberArk Software from $340.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday. Scotiabank began coverage on shares of CyberArk Software in a research note on Monday, October 21st. They issued a “sector outperform” rating and a $340.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $335.00 target price on shares of CyberArk Software in a research note on Thursday. KeyCorp boosted their target price on shares of CyberArk Software from $340.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Stifel Nicolaus increased their target price on shares of CyberArk Software from $306.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $328.37.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Swedbank AB acquired a new stake in CyberArk Software in the 1st quarter valued at approximately $109,466,000. 1832 Asset Management L.P. grew its holdings in CyberArk Software by 1,291.7% in the 1st quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock valued at $102,630,000 after buying an additional 358,602 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in CyberArk Software in the 3rd quarter valued at approximately $82,485,000. Anomaly Capital Management LP acquired a new stake in CyberArk Software in the 2nd quarter valued at approximately $49,145,000. Finally, Clearbridge Investments LLC grew its holdings in CyberArk Software by 250.0% in the 2nd quarter. Clearbridge Investments LLC now owns 224,381 shares of the technology company’s stock valued at $61,350,000 after buying an additional 160,269 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

CyberArk Software Trading Up 1.3 %

The stock has a market cap of $13.30 billion, a price-to-earnings ratio of 1,130.67 and a beta of 1.13. The stock has a fifty day simple moving average of $284.25 and a 200-day simple moving average of $266.66.

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.