CyberArk Software Analysts Boost Their Forecasts After Strong Q2 Results

CyberArk Software Ltd CYBR reported better-than-expected second-quarter financial results and issued FY23 earnings guidance above estimates.

CyberArk Software reported second-quarter FY23 revenue growth of 24% year-on-year to $175.8 million, beating the consensus of $173.4 million. Non-GAAP EPS of $0.03 beat the consensus loss of $(0.12).

CyberArk sees third-quarter revenue of $181.5 million - $186.5 million versus the consensus of $187.14 million. It sees a non-GAAP EPS of $0.19 - $0.27 versus the consensus of $0.15.

CyberArk expects FY23 revenue of $726 million - $736 million (prior $724 million - $736 million) versus the consensus of $730.46 million. CyberArk raised the non-GAAP EPS outlook to $0.44 - $0.63 (prior $0.16 - $0.38) versus the consensus of $0.29.

CyberArk shares jumped 13% to close at $162.01 on Thursday.

These analysts made changes to their price targets on CyberArk following earnings announcement.

• Needham raised the price target on CyberArk from $185 to $190. Needham analyst Alex Henderson maintained a Buy rating.
• Keybanc increased the price target on CyberArk from $194 to $196. Keybanc analyst Michael Turits maintained an Overweight rating on the stock.
• Rosenblatt increased CyberArk price target from $185 to $195. Rosenblatt analyst Catharine Trebnick maintained a Buy rating.
• Wolfe Research increased CyberArk price target from $165 to $175. Wolfe Research analyst Joshua Tilton maintained an Outperform rating.
• Barclays increased CyberArk price target from $178 to $180. Barclays analyst Saket Kalia maintained an Overweight rating.

Now Read This: Flowers Foods, Spectrum Brands And 3 Stocks To Watch Heading Into Friday