Zacks Investment Research downgraded shares of Cyberark Software (NASDAQ:CYBR) from a buy rating to a hold rating in a 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 research firms have also recently weighed in on CYBR. Needham & Company LLC reissued a buy rating and issued a $55.00 price target on shares of Cyberark Software in a report on Tuesday, September 12th. Monness Crespi & Hardt initiated coverage on Cyberark Software in a report on Monday, December 18th. They issued a neutral rating for the company. Piper Jaffray Companies set a $47.00 price target on Cyberark Software and gave the stock a buy rating in a report on Monday, October 16th. BidaskClub cut Cyberark Software from a buy rating to a hold rating in a report on Tuesday, December 5th. Finally, Bank of America raised Cyberark Software from an underperform rating to a neutral rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $49.69.
Several hedge funds and other institutional investors have recently modified their holdings of CYBR. BT Investment Management Ltd purchased a new stake in shares of Cyberark Software in the second quarter worth about $92,355,000. Matrix Capital Management Company LP purchased a new stake in shares of Cyberark Software in the second quarter worth about $74,650,000. ETF Managers Group LLC purchased a new stake in shares of Cyberark Software in the second quarter worth about $44,112,000. Alyeska Investment Group L.P. purchased a new stake in shares of Cyberark Software in the third quarter worth about $33,626,000. Finally, Epoch Investment Partners Inc. purchased a new stake in shares of Cyberark Software in the second quarter worth about $37,195,000. 75.79% of the stock is owned by institutional investors.
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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