CyberArk Software Ltd (NASDAQ: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.
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