CyberArk Software (NASDAQ:CYBR) has beaten analysts revenue and earnings estimates in the last four consecutive quarters, supported by its investments in organic and inorganic growth opportunities. In the final quarter of last year, the company has topped revenue and earnings estimates by $4.7 million and $0.05 per share, respectively.
CyberArk Software shares have also been on the rise; CYBR stock jumped 20% since the beginning of February. Its shares are currently trading around $50, while UBS analysts expect its stock to hit $58 in the short-term.
BofA Merrill Lynch has also upgraded CyberArk Software target price to $60.00 from the earlier target of $51.
Analyst Daniel Bartus said, “I like the company’s positioning as a critical part of cyber-defense and I note management’s efforts to defend their lead in an attractive, high-growth market. It has an attractive valuation relative to peers.”
Financial Numbers Support CyberArk Software and Analysts Upgrades
Its revenue increased substantially by 25% year on year in the fourth quarter, while full-year revenue hit the new all-time high of $261 million. Moreover, the company expects revenue growth of 19% in FY2018 compared to the previous year.
Udi Mokady, CyberArk Chairman, and CEO said, “Our results demonstrate the healthy demand for our solutions across companies of all sizes and vertical markets. During the fourth quarter, we introduced enhancements to our Privileged Account Security solution that strengthened our leadership position as the most comprehensive solution across on-premises, hybrid and cloud environments as well as DevOps.”
>>Trade Desk Financials Could Support The Stock Price Momentum
The Non-GAAP net income per share is anticipated to stand around $1.24 per share in FY2018, higher from past year earnings of $1.16 per share.
The company recently announced to acquire cloud security provider Vaultive. It appears in a solid cash position to support investment in growth opportunities. CyberArk had $330.3 million in cash and cash equivalents, at the end of the latest quarter, higher from $296.8 million in the year-ago period. Overall, improving future fundamentals supports the analyst’s price upgrades.
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