CyberArk Software Ltd. (NASDAQ:CYBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $50.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.49% from the stock’s previous close.

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 analysts have also recently issued reports on the company. Evercore ISI reaffirmed a “buy” rating and issued a $56.00 price objective (down from $60.00) on shares of CyberArk Software in a research report on Friday, July 14th. J P Morgan Chase & Co cut CyberArk Software from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $63.00 to $45.00 in a report on Friday, July 14th. ValuEngine cut CyberArk Software from a “hold” rating to a “sell” rating in a report on Friday, September 1st. BidaskClub cut CyberArk Software from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $56.00 price target (down previously from $64.00) on shares of CyberArk Software in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $49.91.

Shares of CyberArk Software (NASDAQ:CYBR) opened at $44.45 on Wednesday. CyberArk Software has a 52-week low of $39.34 and a 52-week high of $56.25. The stock has a market capitalization of $1,540.00, a P/E ratio of 69.52, a PEG ratio of 3.99 and a beta of 2.56.

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Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in CyberArk Software during the first quarter valued at $102,000. BNP Paribas Arbitrage SA grew its holdings in CyberArk Software by 198.4% during the second quarter. BNP Paribas Arbitrage SA now owns 3,796 shares of the technology company’s stock valued at $190,000 after purchasing an additional 2,524 shares during the period. Advisor Group Inc. grew its holdings in CyberArk Software by 6.4% during the second quarter. Advisor Group Inc. now owns 3,874 shares of the technology company’s stock valued at $193,000 after purchasing an additional 232 shares during the period. Legal & General Group Plc bought a new position in CyberArk Software during the first quarter valued at $250,000. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in CyberArk Software by 26.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,998 shares of the technology company’s stock valued at $250,000 after purchasing an additional 1,048 shares during the period. 79.02% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for CyberArk Software (NASDAQ:CYBR)

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