CyberArk Software Ltd (NASDAQ:CYBR) reported better-than-expected earnings for its third quarter on Wednesday.
The company posted fiscal third-quarter 2024 revenue growth of 26% year-on-year to $240.1 million, beating the analyst consensus estimate of $234.0 million. The information security company posted an adjusted EPS of 94 cents, which beat the analyst consensus estimate of 46 cents.
CyberArk expects a fiscal fourth-quarter revenue of $297.0 million-$303.0 million, versus the consensus of $234.04 million. It projected an adjusted EPS of $0.65-$0.75 versus the consensus of $0.46.
CyberArk raised the fiscal 2024 revenue outlook to $983.0 million-$989.0 million (prior $932.0 million-$942.0 million) versus the consensus of $941.49 million. CyberArk expects an adjusted EPS outlook of $2.85-$2.96 (prior $2.17–$2.36) versus the consensus of $2.31.
CyberArk shares fell 3% to close at $291.61 on Wednesday.
These analysts made changes to their price targets on CyberArk following earnings announcement.
- JMP Securities analyst Trevor Walsh maintained CyberArk Software with a Market Outperform and raised the price target from $310 to $360.
- Piper Sandler analyst Rob Owens maintained the stock with an Overweight and raised the price target from $300 to $345.
- Susquehanna analyst Shyam Patil maintained CyberArk with a Positive and boosted the price target from $320 to $345.
- Keybanc analyst Eric Heath maintained CyberArk Software with an Overweight and raised the price target from $340 to $355.
- Barclays analyst Saket Kalia maintained the stock with an Overweight and raised the price target from $330 to $335.
Considering buying CYBR stock? Here's what analysts think:
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