Cyberark Software (CYBR) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Cyberark Software (NASDAQ:CYBR) from a buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Cyber security solution provider, CyberArk recently reported splendid results for Q3 and raised guidance for full year. The company’s fabulous Q3 results, along with an overwhelming future outlook, indicate that its ongoing investment in sales and marketing strategies are paying off. Furthermore, it should be noted that, in 2Q17, the company had reported the slowest revenue growth rate of 14% since its listing in Sep 2014. Prior to that, it was around 25%. Therefore, its Q3 actual growth rate, along with Q4 projection of around 18% suggests a revival, which makes us optimistic about its long-term revenue prospects. Going ahead, CyberArk’s strategy of growing through acquisitions is encouraging. Additionally, investments in product suite and go-to-market sales strategies are the other positives for the company. Notably, the stock has underperformed the industry to which it belongs to in the last one year.”

A number of other brokerages also recently issued reports on CYBR. Needham & Company LLC reiterated a buy rating and set a $55.00 price objective on shares of Cyberark Software in a research note on Tuesday, September 12th. Monness Crespi & Hardt started coverage on Cyberark Software in a research note on Monday, December 18th. They set a neutral rating for the company. Piper Jaffray Companies set a $47.00 price objective on Cyberark Software and gave the company a buy rating in a research note on Monday, October 16th. BidaskClub downgraded Cyberark Software from a buy rating to a hold rating in a research note on Tuesday, December 5th. Finally, Bank of America upgraded Cyberark Software from an underperform rating to a neutral rating in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $49.69.

Shares of Cyberark Software (CYBR) traded up $1.03 during trading hours on Tuesday, hitting $41.80. The company had a trading volume of 493,354 shares, compared to its average volume of 733,000. The company has a market cap of $1,450.00, a P/E ratio of 66.35, a PEG ratio of 2.96 and a beta of 2.58. Cyberark Software has a 52 week low of $39.34 and a 52 week high of $55.65.

A number of hedge funds have recently bought and sold shares of the business. Nicholas Company Inc. boosted its position in shares of Cyberark Software by 15.6% during the 2nd quarter. Nicholas Company Inc. now owns 106,835 shares of the technology company’s stock worth $5,336,000 after purchasing an additional 14,385 shares in the last quarter. Bridgecreek Investment Management LLC bought a new position in shares of Cyberark Software in the third quarter worth approximately $1,713,000. Matrix Capital Management Company LP bought a new position in shares of Cyberark Software in the second quarter worth approximately $74,650,000. Cipher Capital LP bought a new position in shares of Cyberark Software in the third quarter worth approximately $3,184,000. Finally, Bank of Nova Scotia bought a new position in shares of Cyberark Software in the second quarter worth approximately $345,000. Institutional investors and hedge funds own 75.79% of the company’s stock.

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About Cyberark Software

CyberArk Software Ltd is an Israel-based provider of information technology (IT) security solutions that protects organizations from cyber-attacks. The Company’s software solutions are focused on protecting privileged accounts, which have become a critical target in the lifecycle of cyber-attacks. The Company’s Privileged Account Security Solution consists of various products, such as Shares Technology Platform, Enterprise Password Vault, SSH Key Manager, Privileged Session Manager, Privileged Threat Analytics, Application Identity Manager, CyberArk-Conjur, Endpoint Privilege Manager and On-Demand Privileges Manager.

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