Canaccord Genuity Group Forecasts Strong Price Appreciation for CyberArk Software (NASDAQ:CYBR) Stock

CyberArk Software (NASDAQ:CYBR) had its price objective increased by Canaccord Genuity Group from $310.00 to $330.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other equities research analysts have also recently issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $310.00 target price on shares of CyberArk Software in a research report on Tuesday, August 6th. Citigroup lifted their price target on CyberArk Software from $305.00 to $310.00 and gave the company a “buy” rating in a report on Friday, August 9th. Piper Sandler upped their price target on CyberArk Software from $300.00 to $345.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group boosted their price objective on CyberArk Software from $340.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company upped their price objective on CyberArk Software from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $328.37.

CyberArk Software Stock Performance

Shares of CYBR traded up $1.32 during midday trading on Thursday, hitting $302.60. 474,658 shares of the stock traded hands, compared to its average volume of 523,840. The firm has a market capitalization of $13.18 billion, a PE ratio of 1,111.15 and a beta of 1.13. The business’s 50 day moving average price is $283.62 and its two-hundred day moving average price is $266.42. CyberArk Software has a 1-year low of $183.28 and a 1-year high of $318.16.

Institutional Investors Weigh In On CyberArk Software

Several institutional investors and hedge funds have recently modified their holdings of CYBR. Russell Investments Group Ltd. increased its stake in CyberArk Software by 58.3% in the first quarter. Russell Investments Group Ltd. now owns 33,255 shares of the technology company’s stock valued at $8,830,000 after acquiring an additional 12,242 shares during the period. Quadrature Capital Ltd bought a new position in CyberArk Software during the first quarter worth about $2,741,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of CyberArk Software by 715.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 56,262 shares of the technology company’s stock worth $14,946,000 after acquiring an additional 49,360 shares during the period. Ensign Peak Advisors Inc acquired a new position in CyberArk Software during the second quarter valued at approximately $711,000. Finally, 1832 Asset Management L.P. increased its holdings in shares of CyberArk Software by 1,291.7% during the first quarter. 1832 Asset Management L.P. now owns 386,365 shares of the technology company’s stock worth $102,630,000 after buying an additional 358,602 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

CyberArk Software Company Profile

CyberArk Software Ltd., together with its subsidiaries, develops, markets, and sells software-based identity security solutions and services in the United States, Europe, the Middle East, Africa, and internationally. Its solutions include Privileged Access Manager, which offers risk-based credential security and session; Vendor Privileged Access Manager combines Privileged Access Manager and Remote Access to provide secure access to third-party vendors; Dynamic Privileged Access, a SaaS solution that provides just-in-time access to Linux Virtual Machines; Endpoint Privilege Manager, a SaaS solution that secures privileges on the endpoint; and Secure Desktop, a solution that protects access to endpoints.