Needham & Company LLC Reiterates “Buy” Rating for CyberArk Software (NASDAQ:CYBR)

Needham & Company LLC reaffirmed their buy rating on shares of CyberArk Software (NASDAQ:CYBR) in a report issued on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $480.00 price objective on the technology company’s stock.

A number of other equities analysts also recently commented on CYBR. Robert W. Baird lifted their price target on CyberArk Software from $455.00 to $465.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 25th. Morgan Stanley initiated coverage on CyberArk Software in a research note on Tuesday, March 18th. They issued an “equal weight” rating for the company. Rosenblatt Securities restated a “buy” rating and issued a $445.00 target price on shares of CyberArk Software in a research note on Wednesday, February 26th. Canaccord Genuity Group lifted their target price on CyberArk Software from $330.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Truist Financial lifted their target price on CyberArk Software from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, CyberArk Software presently has an average rating of “Moderate Buy” and an average price target of $418.15.

CyberArk Software Stock Performance

NASDAQ:CYBR opened at $351.76 on Thursday. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of -180.39 and a beta of 1.06. CyberArk Software has a one year low of $223.41 and a one year high of $421.00. The stock has a 50-day simple moving average of $364.16 and a 200 day simple moving average of $323.42.

CyberArk Software (NASDAQ:CYBR) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates 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%. On average, equities research analysts forecast that CyberArk Software will post -0.47 EPS for the current fiscal year.

Institutional Investors Weigh In On CyberArk Software

A number of institutional investors have recently added to or reduced their stakes in CYBR. Thoma Bravo L.P. acquired a new stake in CyberArk Software in the fourth quarter worth approximately $380,637,000. Norges Bank acquired a new stake in CyberArk Software in the fourth quarter worth approximately $203,375,000. Nepsis Inc. lifted its position in shares of CyberArk Software by 882.4% during the 4th quarter. Nepsis Inc. now owns 562,327 shares of the technology company’s stock valued at $187,339,000 after acquiring an additional 505,088 shares during the last quarter. Jennison Associates LLC lifted its position in shares of CyberArk Software by 32.3% during the 4th quarter. Jennison Associates LLC now owns 1,603,744 shares of the technology company’s stock valued at $534,287,000 after acquiring an additional 391,900 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of CyberArk Software by 195.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 508,355 shares of the technology company’s stock valued at $170,614,000 after acquiring an additional 336,462 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.