Zacks Investment Research cut shares of CyberArk Software Ltd. (NASDAQ:CYBR) from a hold rating to a sell rating in a research note issued to investors on Tuesday.
According to Zacks, “CyberArk is an Israeli company that specializes in protecting accounts from cyber-attacks. Shares of the company has underperformed the broader market over the last one year. Recently, JPMorgan downgraded the security software firm from “overweight” to “neutral” as a result of the company’s shortfall in its second quarter financial results.CyberArk now forecasts Q2 revenues of $57 to $57.5 million, down from its previous guidance of $61 to $62 million. The company blames the inability to close deals in Europe, the Middle East and Africa for the loss of revenue. Going forward, intensifying competition from peers such as CA and Microsoft, and an uncertain macroeconomic environment remains a concern. Nonetheless, we are optimistic about CyberArk, given a healthy security market, strong product line-up, deal wins and investment plans, which are likely to boost results in the long run.”
Several other equities research analysts have also weighed in on CYBR. Oppenheimer Holdings, Inc. decreased their price objective on CyberArk Software from $60.00 to $51.00 and set an outperform rating for the company in a report on Friday, July 14th. Piper Jaffray Companies reissued an overweight rating and issued a $51.00 price objective (down previously from $61.00) on shares of CyberArk Software in a report on Friday, July 14th. Imperial Capital decreased their price objective on CyberArk Software from $55.00 to $42.00 and set an in-line rating for the company in a report on Friday, July 14th. Needham & Company LLC reissued a buy rating and issued a $55.00 price objective (down previously from $62.00) on shares of CyberArk Software in a report on Friday, July 14th. Finally, BidaskClub lowered CyberArk Software from a strong-buy rating to a buy rating in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $51.17.
Shares of CyberArk Software (NASDAQ CYBR) traded down 0.23% during midday trading on Tuesday, hitting $42.46. 163,553 shares of the stock were exchanged. The stock’s 50-day moving average price is $48.19 and its 200-day moving average price is $50.38. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 48.80 and a beta of 2.66. CyberArk Software has a 1-year low of $41.32 and a 1-year high of $59.28.
Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of CyberArk Software during the first quarter worth about $102,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of CyberArk Software during the first quarter worth about $201,000. Eastern Bank acquired a new stake in shares of CyberArk Software during the first quarter worth about $203,000. FNY Partners Fund LP acquired a new stake in shares of CyberArk Software during the first quarter worth about $223,000. Finally, Mark Sheptoff Financial Planning LLC increased its stake in shares of CyberArk Software by 31.9% in the first quarter. Mark Sheptoff Financial Planning LLC now owns 4,551 shares of the technology company’s stock worth $231,000 after buying an additional 1,101 shares during the period. Hedge funds and other institutional investors own 77.51% of the company’s stock.
CyberArk Software Company Profile
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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