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CYBR Trades Near 52-Week High: Is it the Right Time to Buy the Stock?
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CyberArk (CYBR - Free Report) has seen its share price surge 28% year to date, outperforming the Zacks Computer and Technology sector and the S&P 500’s return of 23.5% and 20.8%, respectively. At the closing price of $280.34 on Oct. 4, 2024, CyberArk currently trades near its 52-week high of $294.9 and nearly 84% higher than its 52-week low of $152.03 due to the broader economic uncertainties.
This significant outperformance reflects CyberArk's continued success in expanding its product offerings, securing high-value deals and maintaining robust financial growth. But with the share prices already reaching near 52-high, the question remains — Is CYBR stock worth buying?
Promising Outlook for CyberArk
CyberArk’s recent better-than-expected second-quarter 2024 performance is a testament to its strong position in the Cybersecurity space. Second-quarter revenues grew 24% year over year on strong demand, while efficient cost management and lower-share outstanding led to an 18-fold jump in non-GAAP earnings per share (EPS).
Buoyed by the stronger-than-expected second-quarter performance, CyberArk raises guidance for 2024. The company now expects 2024 revenues in the range of $932-$942 million and non-GAAP EPS between $2.17 and $2.36.
The Zacks Consensus Estimate for 2024 revenues and non-GAAP EPS is pegged at $939.1 million and $2.29. The consensus mark for top and bottom lines indicates a robust year-over-year increase of approximately 25% and 104%, respectively.
CyberArk YTD Performance
Image Source: Zacks Investment Research
Robust Portfolio Aids Customer Growth
CyberArk has consistently enhanced its portfolio through both innovation and strategic acquisitions, making it a go-to provider for enterprises looking to bolster their cybersecurity defenses.
CyberArk’s Privileged Access Management solutions, which help organizations monitor and manage access to critical systems, have become increasingly popular, especially in hybrid work environments. The company’s acquisition of C3M has further bolstered its capabilities, particularly in cloud security, by adding tools for identifying security risks and monitoring cloud activity. The pending acquisition of Venafi, a leader in machine identity management, is set to enhance CyberArk’s offerings even further, providing a comprehensive platform for securing machine identities.
These strategic moves have not only broadened CyberArk’s product suite but also contributed to impressive customer growth. In the second quarter of 2024, CyberArk added 245 new customers, with significant growth in clients generating more than $100,000 and $500,000 in annual recurring revenues.
CyberArk Gains From Partnerships
CYBR is an important security ally for more than 5,400 global businesses, which comprises over 50% of the Fortune 500 and 35% of the Global 2000 companies. One of the key drivers for customer growth is CyberArk’s strategic partnerships with tech giants like Microsoft (MSFT - Free Report) , Amazon’s (AMZN - Free Report) Amazon Web Services (“AWS”) and Alphabet’s (GOOGL - Free Report) Google Cloud.
By integrating its solutions with Microsoft’s Azure Active Directory, CyberArk enhances its ability to secure cloud environments, offering robust identity management solutions across various IT ecosystems. Similarly, its collaboration with Amazon allows seamless integration of CyberArk’s security solutions with AWS’ cloud infrastructure, ensuring that customers can protect critical workloads effectively.
The partnership with Alphabet’s Google Cloud further strengthens CyberArk’s position in the hybrid cloud security market, offering advanced tools to safeguard digital assets. These partnerships not only expand CyberArk’s market reach but also provide customers with comprehensive and integrated security solutions, making CYBR an indispensable player in today’s cybersecurity landscape.
Conclusion: Buy CyberArk Stock Now
CyberArk’s sustained focus on enhancing its offerings through innovations and partnerships will continue driving its financial performance. The company will continue benefiting from a strong demand environment for cybersecurity solutions, making the stock a compelling investment option.
Additionally, CyberArk currently carries a Zacks Rank #2 (Buy) and has a VGM Score of B. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best investment opportunities for investors. CyberArk stock appears to be a compelling investment proposition at the moment. You can see the complete list of today’s Zacks #1 Rank stocks here.
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CYBR Trades Near 52-Week High: Is it the Right Time to Buy the Stock?
CyberArk (CYBR - Free Report) has seen its share price surge 28% year to date, outperforming the Zacks Computer and Technology sector and the S&P 500’s return of 23.5% and 20.8%, respectively. At the closing price of $280.34 on Oct. 4, 2024, CyberArk currently trades near its 52-week high of $294.9 and nearly 84% higher than its 52-week low of $152.03 due to the broader economic uncertainties.
This significant outperformance reflects CyberArk's continued success in expanding its product offerings, securing high-value deals and maintaining robust financial growth. But with the share prices already reaching near 52-high, the question remains — Is CYBR stock worth buying?
Promising Outlook for CyberArk
CyberArk’s recent better-than-expected second-quarter 2024 performance is a testament to its strong position in the Cybersecurity space. Second-quarter revenues grew 24% year over year on strong demand, while efficient cost management and lower-share outstanding led to an 18-fold jump in non-GAAP earnings per share (EPS).
Buoyed by the stronger-than-expected second-quarter performance, CyberArk raises guidance for 2024. The company now expects 2024 revenues in the range of $932-$942 million and non-GAAP EPS between $2.17 and $2.36.
The Zacks Consensus Estimate for 2024 revenues and non-GAAP EPS is pegged at $939.1 million and $2.29. The consensus mark for top and bottom lines indicates a robust year-over-year increase of approximately 25% and 104%, respectively.
CyberArk YTD Performance
Image Source: Zacks Investment Research
Robust Portfolio Aids Customer Growth
CyberArk has consistently enhanced its portfolio through both innovation and strategic acquisitions, making it a go-to provider for enterprises looking to bolster their cybersecurity defenses.
CyberArk’s Privileged Access Management solutions, which help organizations monitor and manage access to critical systems, have become increasingly popular, especially in hybrid work environments. The company’s acquisition of C3M has further bolstered its capabilities, particularly in cloud security, by adding tools for identifying security risks and monitoring cloud activity. The pending acquisition of Venafi, a leader in machine identity management, is set to enhance CyberArk’s offerings even further, providing a comprehensive platform for securing machine identities.
These strategic moves have not only broadened CyberArk’s product suite but also contributed to impressive customer growth. In the second quarter of 2024, CyberArk added 245 new customers, with significant growth in clients generating more than $100,000 and $500,000 in annual recurring revenues.
CyberArk Gains From Partnerships
CYBR is an important security ally for more than 5,400 global businesses, which comprises over 50% of the Fortune 500 and 35% of the Global 2000 companies. One of the key drivers for customer growth is CyberArk’s strategic partnerships with tech giants like Microsoft (MSFT - Free Report) , Amazon’s (AMZN - Free Report) Amazon Web Services (“AWS”) and Alphabet’s (GOOGL - Free Report) Google Cloud.
By integrating its solutions with Microsoft’s Azure Active Directory, CyberArk enhances its ability to secure cloud environments, offering robust identity management solutions across various IT ecosystems. Similarly, its collaboration with Amazon allows seamless integration of CyberArk’s security solutions with AWS’ cloud infrastructure, ensuring that customers can protect critical workloads effectively.
The partnership with Alphabet’s Google Cloud further strengthens CyberArk’s position in the hybrid cloud security market, offering advanced tools to safeguard digital assets. These partnerships not only expand CyberArk’s market reach but also provide customers with comprehensive and integrated security solutions, making CYBR an indispensable player in today’s cybersecurity landscape.
Conclusion: Buy CyberArk Stock Now
CyberArk’s sustained focus on enhancing its offerings through innovations and partnerships will continue driving its financial performance. The company will continue benefiting from a strong demand environment for cybersecurity solutions, making the stock a compelling investment option.
Additionally, CyberArk currently carries a Zacks Rank #2 (Buy) and has a VGM Score of B. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best investment opportunities for investors. CyberArk stock appears to be a compelling investment proposition at the moment. You can see the complete list of today’s Zacks #1 Rank stocks here.