The Commonwealth of Pennsylvania Public School Employees Retirement System has reduced its holdings in CyberArk Software Ltd. (NASDAQ: CYBR) by 5.1% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the retirement system now owns 7,566 shares of the cybersecurity firm after selling 409 shares in this period. The value of its remaining stake stands at approximately $3,078,000.
In addition to this reduction, several other institutional investors have also adjusted their positions in CyberArk Software. Notably, Opal Wealth Advisors LLC entered a new position valued at $30,000 during the second quarter. NewSquare Capital LLC significantly increased its stake by 78.0%, now owning 73 shares worth $30,000 after acquiring an additional 32 shares. Similarly, Harbour Investments Inc. enhanced its position by 298.0% in the first quarter, bringing its total to 203 shares valued at $69,000. Other notable transactions include CWM LLC, which lifted its investment by 146.7% during the same quarter.
As it stands, hedge funds and institutional investors collectively own 91.84% of CyberArk Software’s stock, reflecting a strong institutional interest in the company.
CyberArk Software Stock Performance and Analyst Ratings
On Thursday, CyberArk Software’s stock opened at $475.67. The company maintains a debt-to-equity ratio of 0.53, along with a quick ratio of 2.31 and a current ratio also at 2.31. With a market capitalization of $24.01 billion, CyberArk has a price-to-earnings ratio of -141.15 and a beta of 1.01. Investors have seen a 52-week low of $288.63 and a high of $526.19.
Recent analyst reports indicate a mix of sentiments regarding CyberArk’s stock. Wolfe Research downgraded the company from a “strong-buy” to a “hold” rating on August 1, 2023. Similarly, Rosenblatt Securities made a comparable adjustment, setting a target price of $445.00. Conversely, Barclays raised its price objective to $520.00 from a previous $440.00, maintaining an “equal weight” rating. Canaccord Genuity Group also adjusted its stance, lowering the stock from “buy” to “hold” while increasing the target price from $440.00 to $502.00. DA Davidson remains optimistic, reiterating a “buy” rating with a target of $518.00.
Overall, the consensus among analysts shows that eight have rated CyberArk stock as a Buy, twenty-two have assigned a Hold rating, and two have issued a Sell rating. The average rating is currently a Hold, with an average target price of $455.96, according to data from MarketBeat.com.
About CyberArk Software Ltd.
CyberArk Software Ltd. specializes in developing and marketing software-based identity security solutions and services across various regions, including the United States, Europe, the Middle East, and Africa. Its product suite includes the Privileged Access Manager, which focuses on credential security, and the Vendor Privileged Access Manager, designed to secure access for third-party vendors. Additionally, CyberArk offers solutions like Dynamic Privileged Access for just-in-time access to Linux Virtual Machines, Endpoint Privilege Manager for endpoint security, and Secure Desktop to protect access to endpoints.
As the market for cybersecurity solutions continues to grow, the adjustments made by institutional investors like the Commonwealth of Pennsylvania Public School Employees Retirement System highlight ongoing interest and strategic positioning within the industry.
