The Commonwealth of Pennsylvania Public School Employees Retirement System has decreased its investment in CyberArk Software Ltd. (NASDAQ: CYBR) by 5.1% during the second quarter of 2023, according to the latest filing with the Securities and Exchange Commission (SEC). Following the sale of 409 shares, the retirement system now holds 7,566 shares of the cybersecurity company, valued at approximately $3.08 million.
Several other institutional investors have also adjusted their positions in CyberArk during the same period. Notably, Opal Wealth Advisors LLC initiated a new stake in CyberArk worth $30,000. NewSquare Capital LLC increased its holdings by an impressive 78.0%, now owning 73 shares valued at $30,000 after acquiring an additional 32 shares. Additionally, Harbour Investments Inc. expanded its stake by 298.0%, now holding 203 shares worth $69,000 after purchasing 152 shares in the last quarter.
Other firms, including WPG Advisers LLC and CWM LLC, have also made significant investments in CyberArk, with CWM increasing its holdings by 146.7%. Currently, institutional investors collectively own 91.84% of CyberArk’s stock.
CyberArk Software’s stock performance has shown variability, opening at $475.67 recently. The company reports a market capitalization of $24.01 billion and presents a debt-to-equity ratio of 0.53. The stock has fluctuated within a 52-week range of $288.63 to $526.19, with a 50-day moving average of $495.53 and a 200-day moving average of $433.52.
Analysts’ Perspectives on CyberArk Software
Recent analyst evaluations reveal a cautious sentiment towards CyberArk. On August 1, 2023, Wolfe Research downgraded the stock from a “strong-buy” to a “hold” rating. Similarly, Rosenblatt Securities adjusted its rating to “hold” and set a target price of $445.00. In contrast, Barclays maintained an “equal weight” rating with a revised target of $520.00, up from $440.00, on October 14, 2023.
On October 15, 2023, Canaccord Genuity Group also revised its rating from “buy” to “hold,” raising its price target from $440.00 to $502.00. Meanwhile, DA Davidson reiterated a “buy” rating, setting a price target of $518.00 on November 7, 2023.
As it stands, eight analysts rate CyberArk’s stock as a “buy,” while twenty-two suggest a “hold,” and two recommend a “sell.” According to data from MarketBeat.com, the average stock rating remains at “hold” with a target price of $455.96.
CyberArk Software Ltd. specializes in providing software-based identity security solutions across the globe, including the United States, Europe, and the Middle East. Its offerings encompass a variety of services, such as the Privileged Access Manager and Vendor Privileged Access Manager, which are designed to enhance security and manage user access effectively.
The adjustments in holdings and the varying analyst ratings reflect the ongoing changes in investor sentiment and market conditions affecting CyberArk Software. As the company continues to navigate the cybersecurity landscape, its future performance remains closely monitored by both investors and analysts alike.
