According to the Panagora Asset Management Inc.’s disclosure with the Securities and Exchange Commission (SEC), the firm has increased its stake in Cyberark Software Ltd. (NASDAQ:CYBR) by 55.2% during the first quarter of this year. The company now owns 50,788 shares of CyberArk Software stock, which is an additional 18,061 shares acquired during this period. Based on its most recent SEC filing, Panagora Asset Management Inc. holds about 0.12% worth of shares in CyberArk Software, amounting to $7,516,000.
CyberArk Software recently released its quarterly earnings results on August 10th, providing valuable insights into the technology company’s financial performance for the period. Surpassing analysts’ consensus estimates, CyberArk Software reported an earnings per share (EPS) of ($0.58) for the quarter, beating expectations by $0.28. The company’s revenue for this period amounted to $175.84 million, slightly exceeding analysts’ predictions of $173.20 million.
In terms of profitability ratios, CyberArk Software faced a negative return on equity of 15.40% and a negative net margin of 17.55%. Despite these challenges in profitability measures, equities analysts anticipate that CyberArk Software Ltd. will post an EPS of -2.39 for the current year.
Headquartered in various locations across the globe including Israel and the United States, CyberArk Software Ltd., along with its subsidiaries, specializes in developing and marketing software-based security solutions and services internationally. Their comprehensive suite of solutions aims to address various cybersecurity risks associated with privileged access management and cloud environment entitlements.
One key offering from CyberArk Software is Privileged Access Manager—a solution designed to mitigate risks linked to privileged access through risk-based credential security and session management features. Another notable product is Vendor Privileged Access Manager—enabling fast, secure access to third-party vendors by integrating Privileged Access Manager with Remote Access.
Furthermore, CyberArk Software’s Endpoint Privilege Manager, as a Software-as-a-Service (SaaS) solution, focuses on securing privileges on endpoints. Lastly, their Cloud Entitlements Manager also operates as a SaaS solution and reduces the risks stemming from excessive privileges by implementing least privilege practices within cloud environments.
As CyberArk Software continues to develop its portfolio of security solutions and expand its market reach on a global scale, industry experts closely monitor the company’s performance and overall contribution to the cybersecurity sector.
Growing Interest and Optimism Surrounds CyberArk Software as Hedge Funds and Institutional Investors Take Notice
In recent months, there has been a significant increase in activity from hedge funds and institutional investors in the stock market. One such company that has caught the attention of investors is CyberArk Software, a technology company specializing in cybersecurity solutions.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd., for instance, saw its holdings in CyberArk Software grow by 31.9% during the first quarter of this year. This resulted in an additional 3,751 shares added to their portfolio, bringing their total ownership to 15,524 shares worth approximately $2.3 million.
Another notable investor is Y Intercept Hong Kong Ltd, which acquired a new position in CyberArk Software during the same period. The value of this position amounted to around $735,000. These investments highlight the growing interest and confidence among institutions towards CyberArk Software and its potential for growth.
The positive sentiment towards CyberArk Software is further reinforced by other major players entering the market. Victory Capital Management Inc., for example, increased its stake by 1%, accumulating an additional 2,200 shares valued at $33.9 million. Congress Wealth Management LLC DE also joined the ranks with a 10.7% increase in holdings amounting to 12,478 shares valued at $1.8 million.
Peregrine Capital Management LLC was not far behind either as they raised their stake by 3.1%. Their acquisition of an extra 2,589 shares brought their total holdings to 85,153 shares worth approximately $12.6 million. Collectively, institutional investors and hedge funds now own about 92.14% of CyberArk Software’s outstanding stocks.
Moving on to the stock performance itself, NASDAQ:CYBR opened at $166.04 on Friday according to Bloomberg data from September 3rd of this year.The company boasts a current ratio of 2.25 and a quick ratio of 2.25, reflecting its healthy liquidity position. Additionally, CyberArk Software has managed to maintain a debt-to-equity ratio of 0.83, indicating the company’s prudent financial management.
Over the past year, the stock has experienced a low of $113.19 and a high of $169.34, demonstrating its volatility within this period. Currently, the market capitalization of CyberArk Software stands at an impressive $6.93 billion.
When considering valuation metrics, it is worth noting that CyberArk Software currently holds a price-to-earnings (P/E) ratio of -59.09 and a beta value of 1.06. While the negative P/E ratio may raise eyebrows among investors, it is important to remember that cybersecurity companies often prioritize growth over short-term profitability.
In terms of analysts’ views on CyberArk Software, several have expressed their opinions in recent reports. Oppenheimer raised their price target for the stock from $180.00 to $195.00 and provided an “outperform” rating on the company’s shares.
Stephens also increased their target price from $180.00 to $210.00 and gave CyberArk Software an “overweight” rating, signaling their optimism about its future prospects.
Citigroup joined in by raising its target price on CyberArk Software from $180.00 to $190.00 while maintaining a “buy” rating for the stock.
Canaccord Genuity Group further augmented this positive sentiment with an increase in target price from $185.00 to $195.00 along with another “buy” rating.
KeyCorp rounded off the list by elevating their price objective from $194.00 to $196.00 and assigning an “overweight” rating for CyberArk Software shares.
Overall, there seems to be a consensus among analysts that CyberArk Software presents a favorable investment opportunity given its innovative cybersecurity solutions and potential for growth. Bloomberg confirms this sentiment by reporting a moderate consensus rating of “Moderate Buy” for the stock, alongside a consensus target price of $183.73.
While the future remains uncertain in the ever-evolving world of technology and cybersecurity, CyberArk Software appears to be well-positioned to capitalize on the increasing demand for robust cybersecurity solutions. With institutional investors and hedge funds showing confidence in the company’s growth potential, it may be worth keeping an eye on CyberArk Software as it continues on its upward trajectory in the market.
The post Panagora Asset Management Inc. Increases Stake in CyberArk Software as Company Reports Strong Quarterly Earnings appeared first on Best Stocks.
